Wills & Estate Planning

Peace of Mind (POM) views Wills and Living Wills as essential tools for “prevention over cure,” ensuring that individuals have the “final say” regarding their legacy and medical care

Wills

Protecting Your Legacy

A will is not just a legal document but a way to protect loved ones from the default rules of the law.

The Risks of Not Having a Will: Without a will, an estate is distributed according to law, which often results in frozen assets, long delays, and unnecessary stress for family members

Benefits of Planning: A will allows you to decide exactly who gets what, provide for loved ones based on specific needs, protect assets, and prevent family disputes. It is also crucial to ensure a will addresses any assets held abroad.

Managing Costs: Executors can legally charge up to 3.5% on the estate’s value and 6% on post-death income. On a R4,000,000 estate, this totals roughly R140,000 plus VAT, which might force the sale of assets to cover fees.

POM offers to draft straightforward wills free of charge if they are appointed as the executor at a reduced fee of 2.75%.

The Need for Updates: Because life changes, a will is “not forever”. It should be reviewed if a beneficiary passes away, personal relationships or financial positions shift, children become independent, or if you wish to support different charities.

The “File That Matters Most”: POM recommends keeping an organized file for your executor containing important documents, policy details, passwords, and access instructions. This is described as an “extra gift” to loved ones that saves significant time and money.

Living Wills

Your right to live with respect

POM considers these documents the most important support for achieving true peace of mind. Our recurring advice is to act proactively: “Why wait until it’s too late?”

Personalization vs. Templates: POM argues that internet templates lack the personal input and emotion necessary for such a complex matter
. They help draft personal documents that include the specific desires of the individual and their family.

Defining Care: A living will can address preferences for alternative medication, how to communicate with medical professionals, and defining what “suffering” means to the individual so their feelings count

Insurance Considerations: These documents are also evaluated for their potential impact on insurance

Professional Guidance

Ultimately, POM’s approach to estate planning is summarized by their recurring slogan: “Why wait until it’s too late?”. They view these documents not just as legal requirements, but as a way to bridge the gap between the client and the law to ensure a more enjoyable life for those left behind

Why is it important to have a will?

A will ensures you have the “final say” regarding your legacy. Without one, your estate is distributed according to default legal rules, which often leads to frozen assets, long delays, and unnecessary stress for your loved ones during a difficult time.

What can I achieve by having a professionally drafted will?

You can decide exactly who gets what, provide for loved ones based on their specific needs, protect your assets, and prevent family disputes. It is also essential to ensure your will covers any assets you hold abroad.

When should I update my will?

A will is “not forever” and should be reviewed whenever life changes. Common reasons to update include a beneficiary passing away, changes in personal relationships, shifts in your financial position, or when minor children become independent.

What are executor fees, and can they be negotiated?

Executors can legally charge up to 3.5% of your estate’s value and 6% of post-death income. On a R4,000,000 estate, this totals roughly R140,000 plus VAT, which could force the sale of family assets to cover the costs. These fees can often be negotiated.

Does Peace of Mind offer assistance with drafting wills?

es. Straightforward wills can be drafted free of charge if Peace of Mind is appointed as the executor at a reduced fee of 2.75% of the estate’s net value.

What is a Living Will, and why do I need one?

A Living Will is a sensitive document focused on your right to live with respect. It allows you to define “suffering,” address preferences for alternative medication, and ensure your feelings count when discussing care with the medical profession.

Not sure where you fit in?

That’s fine. The first conversation is free, and we’ll tell you honestly whether we can help.

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