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If I pass away unexpectedly
If you are reading this, I am no longer with you, but I do still need you.
I am hoping this booklet will make things easier for you during this time. Its contents include contact details
and important information that you may require when finalising my estate. Thank you for doing this.
In addition to my Last Will and Testament, this booklet should serve in assisting with managing the proceeds
of my belongings and liabilities. I have done my best to ensure that it is up to date and relevant.
I am so grateful that you have taken the time to do this for me and I wish you the best.
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www.netto.co.za
Personal Details:
Full name: _ __________________________________________________________________________________________
ID number: ___________________________________________________________________________________________
Close friends, relatives, neighbours and colleagues to be contacted in the event of my death:
NAME
RELATIONSHIP TO ME
CONTACT NUMBER / E-MAIL
Investment Planner
My Will details:
Contact the Executor of my Will to assist with winding up the Estate.
Where I have stored my Will: _____________________________________________________________________________
Details of my Executor:
Name of Person / Institution
ID number (if an individual)
Account no / Ref no (if Institution)
Contact telephone number
E-mail
Where I keep my ID book and personal documentation:
____________________________________________________________________________________________________
Organ donation specifications (if applicable): ________________________________________________________________
(For more information go to www.organdonorfoundation.co.za)
Living Will (if applicable): _ ______________________________________________________________________________
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Guardianship of my children: _ ___________________________________________________________________________
____________________________________________________________________________________________________
My pet’s needs: _ ______________________________________________________________________________________
____________________________________________________________________________________________________
Funeral Details:
Place of worship: ______________________________________________________________________________________
____________________________________________________________________________________________________
Requests regarding burial /cremation and scattering of ashes: _________________________________________________
____________________________________________________________________________________________________
____________________________________________________________________________________________________
Preferred funeral arrangements: _________________________________________________________________________
____________________________________________________________________________________________________
____________________________________________________________________________________________________
Payment options for funeral:
Burial scheme / Funeral Policy: __________________________________________________________________________
____________________________________________________________________________________________________
Financial details:
Income tax number: ____________________________________________________________________________________
Accountants details: _ __________________________________________________________________________________
E-mail: ____________________________________________________ Tel: ______________________________________
Employment / Sources of income details: _ _________________________________________________________________
____________________________________________________________________________________________________
____________________________________________________________________________________________________
____________________________________________________________________________________________________
____________________________________________________________________________________________________
____________________________________________________________________________________________________
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Bank accounts / Loans:
Company
Account number
Type of Account
Personal banker and Contact details
Life Insurance / Pensions / Unit Trusts / Shares / Offshore Assets / Investments: (Attach latest statements)
Company
Policy Number
Policy Type
Contact Person
Contracts and accounts that will need to be dealt with : (e.g. Pharmacy, credit card, clothing & telephone accounts,
DSTV, security service, car payments, cell phone etc.:
Account Details Account Number Contact Details: Tel / E-mail Ownership documents / HP / lease details of motor vehicles:
____________________________________________________________________________________________________
____________________________________________________________________________________________________
____________________________________________________________________________________________________
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Residential Property Details:
Erf number: ______________________________________ Deed in the name of: __________________________________
Bank: ___________________________________________ Tel: ________________________________________________
Bond account number: _ ________________________________________________________________________________
If bonded the bank holds the deed, if not, state where the title deed is kept:
____________________________________________________________________________________________________
Bond / Life Insurance:
Insurer: _________________________________________ Policy no: ___________________________________________
E-mail: __________________________________________ Tel: ________________________________________________
Details of Rates & Taxes account / Body Corporate / Managing Agents:
Details: ______________________________________________________________________________________________
Contact: _________________________________________ Account Number: _ ___________________________________
E-mail: __________________________________________ Contact details: ______________________________________
Other: _______________________________________________________________________________________________
____________________________________________________________________________________________________
Details of other properties:
Erf number: ______________________________________ Deed in the name of: __________________________________
Bond account number: _____________________________ Contact details: ______________________________________
Bank: ___________________________________________
If bonded the bank holds the deed, if not, state where the title deed is kept:
____________________________________________________________________________________________________
Bond / life insurance:
Insurer: _________________________________________ Policy no: ___________________________________________
E-mail: __________________________________________ Contact Details: ______________________________________
Details of Rates & Taxes Account / Body Corporate /Managing Agents:
Details: ______________________________________________________________________________________________
Contact: _________________________________________ Account Number: _ ___________________________________
E-mail: __________________________________________ Contact Details: ______________________________________
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Details of Timeshare:
Resort: __________________________________________ Contact Details: _ ____________________________________
Ref / Account no: __________________________________
RCI / other: ______________________________________ Contact Details: ______________________________________
Medical Aid Details:
Name of Medical Aid: ______________________________ Contact Details: ______________________________________
Account / Ref no: ___________________________________
Domestic employees details, contract, UIF, etc.:
Full Name: _______________________________________ Contact Details: ______________________________________
ID Number: _ _____________________________________ UIF Number: ________________________________________
Other Details: _________________________________________________________________________________________
____________________________________________________________________________________________________
Full Name: _______________________________________ Contact Details: ______________________________________
ID Number: _ _____________________________________ UIF Number: ________________________________________
Other Details: _________________________________________________________________________________________
____________________________________________________________________________________________________
Details of business entities, companies, close corporations and trusts:
Name
Registration Number
Contact Details
Details of firearms, locations of licenses and access to safe:
Description
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Serial Number
Location
License Number
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License Location
NOTE: Any other items that have not been mentioned in this list, e.g. details of CC or partnership agreements, ante
nuptial contracts, divorce agreements, hiring or letting contracts, safe keys / combinations, passwords for computer,
where the gold is buried, etc.
____________________________________________________________________________________________________
____________________________________________________________________________________________________
____________________________________________________________________________________________________
____________________________________________________________________________________________________
____________________________________________________________________________________________________
____________________________________________________________________________________________________
____________________________________________________________________________________________________
Thank you for taking care of everything for me, may your continued journey on this earth be filled with inspiration and
prosperity.
Name: ______________________________________________________________________________________________
Signature: _ __________________________________________________________________________________________
Date: ________________________________________________________________________________________________
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Trusted
Independent
Investment
Advice.
For Life.
Dear Estate Planner
Well done on making an effort to help maximise the net amount of cash available to your loved
ones from a lifetime of effort. Financial independence is no accident. It requires planning and
long-term dedication to a sound strategy. By delivering professional advice and personal service,
we help you and your loved ones to achieve peace of mind. We work together with your investment
portfolio managers, planning your investment strategy to achieve your lifetime goals.
We are a team of Independent Investment Planners who really get to know and understand you. Our goal is to form a successful
relationship with you, provide insightful financial planning and ensure that this is effectively managed. We will work together with
you to implement investment strategies that will assist you in achieving your financial goals, taking your personal needs into
account. At Netto we take a holistic and long-term look at your lifestyle goals and how we can best plan ahead for your future.
The Netto Invest planning team are all CERTIFIED FINANCIAL PLANNER® professionals in addition to being either Chartered
Accountants or Lawyers. Netto is a FSB approved Discretionary Portfolio Manager and we are proud to have two Financial Planner
of the Year award recipients at the helm. The combined expertise and experience of the team enable us to provide well-researched,
Trusted Independent Investment Advice to retirees, investors and business owners, For Life.
NETTO MAP
We review your NETTO MAP, which is the result of years of Netto research, with you. The NETTO MAP was born out of our passion
to provide investors with clarity and peace of mind, as the decisions they are making are usually affected by many complex factors.
By including all the variables that affect your retirement plans, for example, the applicable tax rules, asset allocations and investment
returns in the calculation, the NETTO MAP assists your planning team in providing you with optimal advice for your circumstances.
Investment and Estate planning: n
n
n
n
n
investment planning - local and offshore investments
n
estate planning n
retirement and retrenchment planning
portfolio monitoring and review n
tax planning
n
life and disability risk management and advice
employee benefits and group schemes (pension and provident
funds, group life and disability assurance)
business assurance (key man cover and buy-sell agreements)
business structure and continuity planning
We have established relationships and strategic alliances with reputable financial service providers and associates, including
tax specialists, accountants, lawyers and investment analysts, enabling us to provide exceptional service and project manage
an investor’s complete set of financial planning services. In addition, we are able to assist you with the structuring of local and
offshore business entities to minimise your tax liability, and with tax planning advice in respect of investments, trusts and personal
or business remuneration.
For your convenience we have included the following additional information: Why You need a Will, Your Will, A Wills Glossary and
the Process of Administrating a Deceased Estate.
Let’s talk soon…
Ian, Debbie, Morné, Richard and Cameron
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Why you
need a
Will
1
A Will is the only way a person can ensure that his/her estate will be divided according
to their wishes after death
2
If there is not a valid Will at the time of death, the estate will be inherited according to
intestate rules. These rules can be both impractical and inflexible
3
With intestate succession, the incorrect people may inherit
4
If there is no Will and the value of the estate is more than R 200 000, the Master of the
High Court will convene a meeting of family members in order to appoint an executor.
This causes a delay and is a costly and time-consuming process. The estate will be
frozen whilst it is being wound up
5
The Master may also require the executor to provide security. This will usually take
the form of a security bond from a short-term insurance company for the value of the
assets reflected in the preliminary inventory
6
A person still in distress over the death of a loved one is faced with many requirements
from the Master and often has no idea where to start. If there is a Will, the instructions
of the testator will be followed and the appointed executor will assist the family
7
Unpleasant situations of heirs squabbling over assets could easily arise if there is no
Will
8
Where a person leaves no Will and has minor children, their inheritance must be paid
to the Guardian’s Fund until the child reaches majority. Not only may the rate of return
on the assets be low, but other administrative and practical difficulties may arise
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The Will can be used as a tax-planning tool. For example, the deceased’s estate duty
position can be reduced by means of bequests in the Will to a surviving spouse or
charity, as well as the optimum use of the R 3 500 000 estate duty abatement
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Should one wish to become an organ donor: The Organ Donor Foundation website
www.odf.org.za provides information about becoming an organ donor
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Your
Executor
Article dated 15 January 2006, published in the Sunday Times, written by Chris Willis
QUESTION:
Can you nominate a private person as executor of your estate?
ANSWER:
Nominating an executor is probably one of the most important directives you will make in your Will.
Nominating an incompetent executor could delay the administration of an estate by months, if not years.
In terms of the regulations in the Master’s Offices, only certain qualifying institutions may administer
deceased estates, although a natural person may be nominated in a will. In practice, such a person will
have to confirm he will be assisted when administering the estate before the Master will issue Letters
of Executorships in his favour. But nominating a natural person (for example family member or friend)
as an executor in one’s will does not guarantee the appointment of the nominee, as there are certain
grounds for refusing to appoint the nominated executor, such as:
• A person with an interest in the estate lodging an objection against the appointment – this could
happen if there is an existing dispute among family members;
• Minors and mentally incapacitated persons may not be appointed. But in the case of a minor, the
Master may reserve the right to appoint him/her on application once he/she reaches majority;
• Insolvent persons: when a person nominated as executor is insolvent, the Master may refuse to
appoint him unless he finds and furnishes security to the satisfaction of the Master for due and faithful
administration of the estates; and
• A natural person nominated in a Will may predecease the testator\testatrix and if the will is not
updated, it may be that the testator\testatrix then passes away without an executor.
Many of the abovementioned problems would not be an issue if a professional, institutional executor
were appointed.
Executor’s remuneration is set by government regulation at 3.5% (ex VAT) on the gross value of the estate.
This fee is subject to review by the Master and may be reduced. Having a private individual nominated as
an executor may enable one’s executor to “shop around” for a cheaper administration fee. But unless he
has insight into the fiduciary services industry, it may end up being a matter of “you get what you pay for”.
Referral from friends who have been through the process of estate administration, making enquiries at
the Master’s Office or your financial planner may assist you to decide who to nominate as executor.
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Your Will
The Will still remains one of the most important documents that a person will sign during his/her lifetime. A
Will is a legal document that contains the wishes of the deceased regarding the distribution of his/her assets.
It is the most important instrument used in estate planning, particularly when considering bequests to a
surviving spouse. The Will has the advantage that it can be reviewed and revised as often as necessary in the
light of changing family or financial circumstances.
A clear and concise Will can ensure that the final winding-up of the deceased’s estate will be as smooth as
possible, resulting in the least possible difficulty, delay and financial loss to the estate.
Where a Will is not drawn up, a person will die intestate. This means that the conditions of the Intestate
Succession Act 81 of 1987 will automatically apply. In practice this could leave many problems for your
beneficiaries, such as disputed claims and lengthy time delays. It is these problems that can be avoided by
drawing up a comprehensive Will.
A Will is the only means by which the deceased’s estate can be distributed amongst the heirs according to
his/her wishes and subject to any conditions that he/she may wish to impose. It is particularly important that
the Will should be reviewed periodically, especially where the marriage is “in community of property” and
where there is a large estate. In this case, the assets may be in the name of the husband, but on his wife’s
death he could find himself virtually dispossessed of half of “his” assets if his wife had no Will or if she had
an old Will which was drawn up before the value of the assets were significant.
No estate planning should ever be done in isolation. For this reason, it is essential that your aims and
objectives as to the distribution of your assets amongst your beneficiaries after your death are known to the
person assisting you with your financial planning.
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Wills
Glossary
Accrual
a method for calculating the division
of assets on death or divorce
Issue a person’s children, grandchildren
and all other lineal descendants
Asset something owned such as property,
a vehicle or money in the bank
Master of the High Court
Beneficiary a person who benefits in terms of a
Will or from a Trust
the Court’s representative who
oversees the administration of
deceased estates, trusts, insolvent
estates and the care of Minors
Bequeath/Bequest Minor
to give something by Will to another
Codicil an alteration to an existing Will
which must be signed in the same
manner as a Will is signed
a person under the age of 18 who
has not achieved majority through
marriage or a court order
Per Stirpes
a stipulation that, should a beneficiary predecease the testator, the
beneficiary’s share of the inheritance will go to his or her heirs
Collation the legal obligation of an heir to
bring into an estate any benefits
received from a Testator/Testatrix
during their lifetime
Community
of Property
a marital property system in terms
of which spouses share their assets
and liabilities equally
Descendants a person’s children, grandchildren
and all others descending from that
person
Estate a person’s assets and liabilities
Power of assumption the power granted to an Executor or
Trustee to nominate other persons
to be appointed as co-Executor or
co-Trustee to assist them
Executor / Executrix a person appointed to administer
and wind-up an estate on death of
another
Guardian a person who looks after the
interests of people, such as children,
who cannot look after their own
affairs
Immovable property land and the fixed structures built
on it
Should one wish to become an organ donor:
The Organ Donor Foundation website www.odf.org.za
provides information about becoming an organ donor.
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Representation where a nominated heir dies
per stirpes before the Testator/
Testatrix and the deceased heir’s
issue inherit the deceased heir’s
inheritance in equal shares
Residue all that is left of an estate after all
debts, taxes, legacies and bequests
have been paid
Testator/Testatrix a male / female person who makes
a Will
Trust an agreement in terms of which
property is held for one or more
beneficiaries by a Trustee or
Trustees
Trustee
a person who holds property and
looks after it on behalf of someone
else
DISCLAIMER: This Wills Glossary is provided for
information purposes only and does not
constitute legal advice. Please contact us
directly with any questions you may have
in this regard.
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ABSORBING THE SHOCK: PREPARING THE SPOUSE
The process of
administering
a deceased
estate
Above all else, estate planning should address the emotional needs of individuals.
A spouse should be prepared as much as possible to meet the economic and
emotional problems arising from their partner’s death.
Both husband and wife should realise that failure to communicate about estate
planning matters will aggravate the serious problems faced by the surviving
spouse and family.
Tragically, should the husband predecease the wife (an actuarial probability), the widow may be required to
make some difficult financial decisions with limited knowledge.
THE PROCESS OF ADMINISTRATION
A deceased’s estate consists of assets and liabilities at the date of death. The administration of a deceased
estate is the process whereby the liabilities are settled and expenses are paid, with the remainder of the
assets, if any, being transferred to the nominated beneficiaries.
The person responsible for the administration of the deceased estate is known as the executor. This
appointment is approved by the Master of the Supreme Court who keeps a watchful eye over the executor in
the performance of his or her duties.
The administration process is summarised as follows:
1. A first interview with the relatives to obtain essential information and have documents signed
2. Reporting the estate by handing in the death notice, inventory, original Will and the acceptance of executor
to the Master of the Supreme Court
3. The opening of a main file and sub-files for correspondence, documents, assets, liabilities, cheque
account and the liquidation and distribution account
4. Letters to creditors and debtors in order to determine claims for and against the estate
5. Obtaining valuations of movable and immovable estate assets
6. The completion and submission of an income tax return
7. Receipt of the letters of executorships
8. Placement of the notice to creditors in the Government Gazette and in a newspaper
9. Opening an estate bank account
10. Determining a suitable method of administration in consultation with the beneficiaries
11. The collection of sufficient cash to settle outstanding debts
12. The preparation and submission of the liquidation and distribution account (sometimes also referred to
as the executor’s account or the estate account)
13. The placement of a notice in the Government Gazette and in a newspaper to the effect that the liquidation
and distribution account is open for inspection
14. The payment of any outstanding debt and the payment and/or transfer of legacies and inheritances to
beneficiaries
15. The payment of Master’s fees
16. The payment of estate duty, if the estate is dutiable
17. Fulfilment of the Master’s final requirements
18. Receipt of filing slip from the Master
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Notes
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Physical Address:
301 Howard Terraces
Corner Howard Drive and Forest Drive
Pinelands, Cape Town
Telephone: 0861 001 356 International: +27 21 530 1260 E-mail: [email protected] Web: www.netto.co.za
Netto Invest (Pty) Ltd
REG NO. 2014/114632/07, which is registered as an Authorised Financial Services Provider, Licence No. 17699.
Founder: Debbie Netto-Jonker CFP®. Directors: Ian Beere CA (SA) CFP®, Morné Bezuidenhout B. Com LLB CFP®, Cameron McCallum CA (SA) CFP®.
Associates: Richard Sparg CA (SA) CFP®, Gareth Leonard CA (SA) CFP®, Ryan Winter B.Com CFP®.
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