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The Costs of Dying: Are you prepared?

by | Estate Planning, Insurance, Last Will

Local attorneys De Klerk & Van Gend recently highlighted that few people appreciate all the costs in settling a deceased estate.

These costs include:

  • Executor’s fees and costs
  • Taxes like outstanding Income Tax and Capital Gains Taxes
  • Estate Duties
  • Settling outstanding debt

Whilst the Testator or Testatrix may have wanted to leave, for example, the family home to their spouse, it can happen that there is insufficient liquidity in the Estate to pay all the taxes, duties, fees, costs and debts and so the Executor may be forced to sell assets bequeathed to various parties in order to settle these essential and prior-ranking claims.

This is why it is so important when looking at one’s will to make sure that there will be sufficient cash to pay for these costs.

Speak to us about your Will and how we can help you to make sure that, when you die, your estate will be able to give full effect to your wishes.

To read the full article, please click here.