- About Sanlam Legacy Plan
- Fees
- Why choose us
- FAQs
Why a Sanlam Legacy Plan
When you pass away, your estate will incur fees and your family could end up having limited access to funds. The Sanlam Legacy Plan is an effective planning tool that covers the deceased estate’s fees and protects your surviving family from unforeseen financial stresses. The plan includes a number of benefits:
- Solutions
Indemnity Benefit
Cover for the legal fees such as executor, conveyancing and testamentary trust fees applicable to your estate.
Immediate Liquidity TM
An amount paid to your beneficiary within 48 hours after death to cover immediate costs such as funeral expenses, travel arrangements and groceries.
Estate Overheads Protector TM
An amount paid to your estate for the executor to cover expenses such as Master’s fees, correspondence fees, property clearance certificate and advertising costs.
Estate Gap Cover TM
An amount paid to the last surviving spouse’s estate to cover increased costs like inheritance taxes should both spouses die.
What are the fees related to estate planning?
- Executor fees
Executor fees are paid to the executor of an estate to administer the affairs and distribute assets according to the terms of the will or applicable laws.
- Conveyancing fees
These fees typically refer to the costs associated with transferring the ownership of real property (such as land, buildings, or houses) from the deceased person's estate to the beneficiaries or new owners.
- Testamentary trust fees
This is the fee charged by the trustees to administer the trust you create in terms of your will, normally to look after the money you leave to your minor children. There will be a charge on net asset value to establish the trust, and an annual fee applicable for the ongoing administration of the Trust.
- Immediate expenses
Costs associated with arranging a funeral such as catering, travel and other immediate expenses. These fees eat away at the legacy you plan to leave behind.
The Sanlam Legacy Plan can cover up to 100% of estate planning fees with a personalised and affordable monthly fee, starting from only R107 per month.
Policies that pay into your estate may incur additional executor fees. A Sanlam Legacy Plan can reduce these fees, allowing your beneficiaries to receive an additional 4% in their payout.
Contact our expert consultants to learn more about these fees. The Sanlam Legacy Plan™ is underwritten by Guardrisk Life Ltd, a Licensed Life Insurer.
Estimated costs to cover an estate
The costs your estate might incur when you pass away depends on your unique situation. With the Sanlam Legacy Plan, you can have peace of mind knowing that these costs are covered. We’ve used three scenarios to help demonstrate the potential costs and an estimate of the amount of covered needed. This quote is for illustrative purposes only. A consultation and a calculator analysis need to be completed with a registered representative for the appropriate plan recommendations to be made. The Sanlam Legacy Plan™ is underwritten by Guardrisk Life Ltd, a Licensed Life Insurer.
Someone like you, aged 25
With a studio flat and car
Executor Fees: R44 275
Conveyance Fees: R20 700
Immediate Expenses: R83 404
Trust Fees: R0
Someone like you, aged 35
With a townhouse, car and one child
Executor Fees: R183 138
Conveyance Fees: R35 420
Immediate Expenses: R166 808
Trust Fees: R276 326
Someone like you, aged 45
With a house, 2 cars and 3 children
Executor Fees: R293 986
Conveyance Fees: R51 140
Immediate Expenses: R230 965
Trust Fees: R400 495
A one-stop suite of services
From wills and purpose-driven trusts, to estate administration - we offer a full range of services.
Estate administration
Our services provide the flexibility to choose any executor and ensure that our established in-house professionals will manage the process.We also offer the option of covering costs up to 100% upfront.
Wills
With access to a specialist consultant, free collection and safekeeping, and unlimited amendments at no cost, our services provide an easy and stress-free way to secure your will.
Beneficiary Care
As one of the top beneficiary funds in the country, our philosophy of beneficiary care goes beyond strict governance and oversight and into holistic financial wellbeing for our beneficiaries.
Questions on estate administration
- Is there a cash benefit in my plan?
Yes, there is. This is the Immediate Liquidity™ value stated on your plan schedule that will be paid once the claim has been approved, should the plan be in force. This amount is paid to your beneficiary within 48 hours to cover immediate costs such as funeral expenses, travel arrangements and groceries.
- Can I choose any executor or does it have to be Sanlam Trust?
You can nominate any executor you wish, however, we encourage you to default Sanlam Trust as the nominated and trusted executor. With years of experience in the administration of estates, as well as in-house professionals countrywide, we are dedicated to ensuring the process runs smoothly and efficiently, helping your loved ones get through the difficult time
- Can a Sanlam Legacy Plan be upgraded or downgraded?
Yes. An upgrade or downgrade refers to any variation that results in an increase to either the current total cash benefit value or to the current total value of indemnified benefits under your plan.
- I have life cover, why would I need a Sanlam Legacy Plan too?
We often see life cover being paid into the estate to cover the legal fees at death such as executor conveyancing and testamentary trust fees. This often leaves families exposed to excessive debt and other financial needs that cannot be provided for sufficiently. With the Sanlam Legacy Plan in place, these legal fees are indemnified, offering peace of mind to families who are left behind.
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