Estate planning

People's legacies are built across generations, connecting the past, present and future. Wealth, as part of a legacy needs to be carefully managed and protected in order to be passed on.

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Protect your legacy

An estate is everything you own — your property, money, investments and personal possessions. The primary goal of an estate plan is to transfer this wealth to your beneficiaries so they enjoy maximum benefits. An estate plan is never a once-off exercise and must evolve as life changes.

The aim of an estate plan

An estate plan can provide for the maximum transfer of wealth to the next generation.

Transfer wealth

Creating liquidity for anticipated liabilities such as executor's fees and estate duty

Efficient administration

Ensuring that your estate is administered efficiently

Minimise costs and taxes

Minimising costs and taxes that may be payable such as executor's fees and estate duty

Protect assets

Ensuring that the future growth of assets is not limited and protecting assets

Flexible planning

Preparing a flexible plan which can be amended as and when your circumstances change

Maximise benefits

Transfer wealth to beneficiaries in such a way that they enjoy maximum benefits

Because life changes

An estate plan should be reviewed if there has been a change in your circumstances.

1

Marital status changes

Recently married, divorced or widowed.

2

Family changes

Had a baby, adopted a child or became a grandparent.

3

Asset changes

Potential purchase or sale of an asset or assets which are bequeathed in terms of your Will to an heir.

4

Financial situation

Experienced a change in your personal or financial situation.

5

Legislation changes

Change in legislation e.g. the Budget Speech made by the Minister of Finance.

6

Business acquisition

Acquisition of a new business - succession planning is crucial.

More about our services

Wills

A Will could potentially be one of the most important documents you will ever sign. It provides you with the opportunity to give clear instructions on how your assets and wishes are to be dealt with when you pass away.

Choose who should benefit from your estate
Protect the interests of heirs, including the nomination of a guardian for minor children and/or a professional trustee to administer their inheritance
Nominate an executor of your choice, thus avoiding the delays involved in the appointment of an executor

If any of the following circumstances are applicable to you, it may be necessary to have a Will or review your existing Will.

Recently married, divorced or widowed
Had a baby or adopted a child
Lost a spouse, child, parent or a sibling
Purchased a fixed property
Experienced a change in your personal or financial situation
Received an inheritance

Trusts

Planning your legacy in the form of a trust puts you in control of your future as well as the future of those who depend on you most. Trusts are used as an effective estate planning tool and for the protection of assets on behalf of minors.

Freezing of asset values - Assets that have the potential to grow in value in the future, such as a fixed property or share should possibly be transferred to a trust. The assets transferred to the trust no longer form part of your personal assets.
Limited financial skills of surviving spouse or dependants - A trust can be used to protect the interests of the surviving spouse with limited skill in financial matters.
Protection of minor children and people with disabilities - A trust can be used to protect the interest of minor children until they are old enough to handle their own financial affairs.

Executor services

An executor is the person or institution nominated in your Will and whom the Master of the High Court will appoint to administer your estate. The executor is entitled to charge a fee for their services. This fee is set by legislation and is amended from time to time. This fee is currently 3.5% of the gross value of your estate plus VAT. In a Will, you can only nominate an executor. The Master of the High Court needs to approve the nomination and then officially appoint the executor.

Estate planning

Managing your assets for life and legacy. Let us help you protect what matters most.

Qualifying criteria

•Service is available to all potential and existing FNB clients

•Have all relevant information about your financial affairs available

Required documents

•No documents required

Get started with estate planning

Speak to a financial advisor to plan your estate and protect your legacy.

Get started

Need to know more or want to start the process? Let us call you back.

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Email us on financial_advisory@fnb.co.za

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