by | Nov 1, 2021

Over the years, and definitely more recently, we have dealt with an increasing number of clients who have complex estates which include offshore assets and investments, multiple businesses and beneficiaries, spouses, ex-spouses, children, stepchildren, etc. These clients require a more robust and holistic approach to their succession planning exercise.

From our experience in providing independent financial advice, drafting of Wills, and Estate planning, we are acutely aware of the importance for clients to have their estates structured properly and in the best interest of their loved ones. It is with this in mind that we have looked to provide cover to our clients which can assist in covering the costs incurred within a person’s estate when they pass away, ensuring that their beneficiaries receive the maximum value from the assets bequeathed to them.

As you will know, Resolute Wealth Management has assisted our clients with drafting and updating their Wills as an absolutely free service for the past 5 years, as we feel it is such an important part of the financial planning process, and Capital Legacy over this time has been, and still is, our preferred professional 3rd party to act as the Executor of the Estate when the time comes due to the 25% reduction in Executor fees they offer our clients, the efficiency in which they do administer estates, as well as the professionalism they have demonstrated in the past.

Over this time, we have worked closely with Capital Legacy to better understand their offering to protect against the costs included in Estate administration, and finally we are happy that the Legacy Protection Plan has subsequently evolved into an insurance product which we feel should form part of our client’s insurance portfolio in order to assist them to protect their assets and their beneficiaries, while ensuring preferential premiums compared to similar products, starting from as little R83 per month.

Features of the Legacy Protection Plan Services are dependent on the level of cover selected, as well as a person’s stage of life, and can include the following:

  • Fees related to your Estate including trust fees, executor’s fees, conveyance fees, administrative and accounting fees, may be indemnified
  • Immediate Liquidity through cash which can be paid within 48 hours of receiving the death certificate in order to pay for immediate expenses
  • Estate overhead Protector, which will cover monthly household expenses and essential fees for a period of time
  • Estate Gap Cover which helps to cover the increased costs to the estate should both spouses pass away
  • Life cover which can pay to a nominated beneficiary, or to your estate and be distributed according to your Will

So what can be protected against……

And on top of this, it really is as easy as 1 – 2 – 3:

  1. Identify and calculate your estimated fees, taxes & expenses at death
  2. Assist you to draft or update your Last Will & Testament
  3. Select the correct cover for you to protect against the afore mentioned fees, taxes & expenses

With there being no medical tests required, unless required as an additional request, but simply medical questions to be answered, and a convenient CO Breathalyser test for non-smokers who want to apply for extended life cover as well as the Legacy Protection Plan, it really is a quick and easy process.

Lastly, everyone may qualify for certain cover benefits, no matter your age, and dependent on the level of cover required, which is completely contradictory to most other insurance products which usually will not cover person’s older than 65 at their next birthday, or at a push, older than 70 at their next birthday. So… it just goes to show that you are never to old, especially when it comes to having peace of mind that your assets and beneficiaries are protected.

But should you be interested in exploring the Legacy Protection Plan offering, or would like some additional reading material on the product, please feel free to contact me and I will be happy to provide any additional information, and we can chat further around this offering.