Dear Colleague
Efficient Board of Executors (Pty) Ltd (EFBOE) has some exciting news that we would like to share with you.
Christa Jacobs was recently promoted to the Chief Executive Officer of EFBOE.
Johann van Vuuren was promoted to Estate Manager at our Johannesburg branch.
Congratulations to both Christa and Johann! These changes to our management team will take EFBOE’s services to the next level and will enhance our service delivery to all of our partners and clients.
We wish Christa and Johann success in their new roles in the company and know that they will make a huge contribution to the future success and growth of the business!
On 21 March 2022, we will be celebrating Human Rights Day.
On this day we celebrate our Rainbow Nations unity, rights and freedoms. Considering the conditions currently experienced worldwide, it is clear to see how easy it is for governmental overreach to result in the stripping of people’s rights and freedoms. When reflecting on the lives lost, blood, sweat, time, and finances that went into attaining our rights and freedoms in our country, we should be even more appreciative of our rights and freedoms; they are something to treasure and to not be given up easily!
Basic human rights belong to every person around the world, from their birth until their death. These rights are commonly understood as absolute and fundamental, irrespective of a person’s age, ethnic origin, location, language, religion, ethnicity, or any other status.
When historic human rights documents were originally translated into policy, these excluded women, people of colour and members of certain social, religious, economic and political groups. Oppressed people throughout the world have drawn on the principles of these documents to express their support of revolutions that assert the right to self-determination. In South Africa (SA), some rights attained in this way was for instance the right for women to vote, the abandonment of pass laws, and the attainment of democracy in SA.
Unfortunately, there are still many countries around the world where people are denied their basic human rights and freedoms.
____________________________________________________________________________
HOW TO ATTAIN PEACE OF MIND REGARDING YOUR ESTATE – THE CASE OF THE EXECUTOR
In our newsletter, we have repeatedly emphasized the importance of having a Will if you are 16 years or older. Similar to the importance of planning and drafting of a Will, so is the decision about the nomination of an executor. This person/entity must, after all, handle all of the affairs of the deceased in a professional and ethical manner to execute the wishes of the deceased.
Therefore, we wish to highlight the importance of nominating an independent executor to administer an estate. This decision will play a crucial role in ensuring your loved ones’ peace of mine.
When doing estate planning, many people seem focused on saving, a sentiment that has increased during the last few years. All avenues are investigated to save money, but the executor’s fee should not be one of these avenues. Nominating the right executor will surely contribute to anyone’s peace of mind, especially if it is a professional entity, such as an experienced company with a good reputation. It is best to make provision for the executor’s fee on the gross assets of the estate, as this will spare your loved ones unnecessary drama, frustration, conflict, ill feelings, wasted time, and confusion. By nominating an executor with a proven track record, you are investing in the well-being of your loved ones. It can even be said that you are buying peace of mind by taking such a step.
An executor’s fee is regulated by law at 3,5% + VAT on the gross assets of an estate. It is a wise decision to, in conjunction with your financial advisor, plan to make provision for all other additional costs, such as cash handling fees, transfer duty on fixed properties or timeshare, funeral expenses, money due to the Master of the High Court, medical expenses, etc. An important point to remember, is that the executor’s fee must be available in cash. Another way to provide for these expenses, and also the cheapest way, is to take out a life insurance policy to cover the costs.
Based on experience, people also do not realise the extent of the duties of an executor. These require a lot of time, effort, numerous communications with various entities, and endless follow ups. This do not include any delays encountered when waiting for feedback from outside service providers and state departments, which form an integral part of the administration process. Simply put, the executor essentially takes over the deceased’s administration. Any estate can present quite a few surprises and/or administrative challenges, and, unfortunately, most do. To the layman it may seem as if the winding up of an estate is quite straightforward, especially if they think that every aspect was covered and provided for in the Will. Unfortunately, even an entry-level estate can present its own set of problems. That is why the nomination of an independent firm as our executor should rather be seen as an investment in future family relations and peaceful co-existence.
In the event of nominating a family member or friend as your executor, bear in mind that this could be a very stressful task for them. Being an executor could be overwhelming at times, especially when emotions are running high while trying to make peace with the loss of the deceased. This can lead to family disputes and quarrels, especially where, for instance, one sibling is the nominated executor and communication with other siblings is not running smoothly.
As part of the Efficient Group, EFBOE is your partner of choice when it comes to nominating an executor. Our administrators are experienced and qualified in their specialised fields, and we always endeavour to provide exceptional service, despite any hurdles or complications encountered along the way. Under EFBOE’s agreement with Capital Legacy, who provides a life insurance service to your clients, the executor in all Wills drafted for Efficient advisors must always be EFBOE.
_____________________________________________________________________________
A LEGACY TO BUY A ROPE
A Will is a wonderful document in which people can express their love or affection for certain individuals, as well as leave legacies for which they will be remembered. However, a Will has also over the years been used as a tool by some to express their dissatisfaction, even hatred, for others, or to spite those that they felt have wronged them in some way. This was the legacy of Annie Langabeer to her brother-in-law. Annie bequeathed him two shillings and sixpence to “buy a rope” to hang himself. A strange legacy to leave indeed!
Efficient Board of Executors (Pty) Ltd (EFBOE) has some exciting news that we would like to share with you.
Christa Jacobs was recently promoted to the Chief Executive Officer of EFBOE.
Johann van Vuuren was promoted to Estate Manager at our Johannesburg branch.
Congratulations to both Christa and Johann! These changes to our management team will take EFBOE’s services to the next level and will enhance our service delivery to all of our partners and clients.
We wish Christa and Johann success in their new roles in the company and know that they will make a huge contribution to the future success and growth of the business!
On 21 March 2022, we will be celebrating Human Rights Day.
On this day we celebrate our Rainbow Nations unity, rights and freedoms. Considering the conditions currently experienced worldwide, it is clear to see how easy it is for governmental overreach to result in the stripping of people’s rights and freedoms. When reflecting on the lives lost, blood, sweat, time, and finances that went into attaining our rights and freedoms in our country, we should be even more appreciative of our rights and freedoms; they are something to treasure and to not be given up easily!
Basic human rights belong to every person around the world, from their birth until their death. These rights are commonly understood as absolute and fundamental, irrespective of a person’s age, ethnic origin, location, language, religion, ethnicity, or any other status.
When historic human rights documents were originally translated into policy, these excluded women, people of colour and members of certain social, religious, economic and political groups. Oppressed people throughout the world have drawn on the principles of these documents to express their support of revolutions that assert the right to self-determination. In South Africa (SA), some rights attained in this way was for instance the right for women to vote, the abandonment of pass laws, and the attainment of democracy in SA.
Unfortunately, there are still many countries around the world where people are denied their basic human rights and freedoms.
____________________________________________________________________________
HOW TO ATTAIN PEACE OF MIND REGARDING YOUR ESTATE – THE CASE OF THE EXECUTOR
In our newsletter, we have repeatedly emphasized the importance of having a Will if you are 16 years or older. Similar to the importance of planning and drafting of a Will, so is the decision about the nomination of an executor. This person/entity must, after all, handle all of the affairs of the deceased in a professional and ethical manner to execute the wishes of the deceased.
Therefore, we wish to highlight the importance of nominating an independent executor to administer an estate. This decision will play a crucial role in ensuring your loved ones’ peace of mine.
When doing estate planning, many people seem focused on saving, a sentiment that has increased during the last few years. All avenues are investigated to save money, but the executor’s fee should not be one of these avenues. Nominating the right executor will surely contribute to anyone’s peace of mind, especially if it is a professional entity, such as an experienced company with a good reputation. It is best to make provision for the executor’s fee on the gross assets of the estate, as this will spare your loved ones unnecessary drama, frustration, conflict, ill feelings, wasted time, and confusion. By nominating an executor with a proven track record, you are investing in the well-being of your loved ones. It can even be said that you are buying peace of mind by taking such a step.
An executor’s fee is regulated by law at 3,5% + VAT on the gross assets of an estate. It is a wise decision to, in conjunction with your financial advisor, plan to make provision for all other additional costs, such as cash handling fees, transfer duty on fixed properties or timeshare, funeral expenses, money due to the Master of the High Court, medical expenses, etc. An important point to remember, is that the executor’s fee must be available in cash. Another way to provide for these expenses, and also the cheapest way, is to take out a life insurance policy to cover the costs.
Based on experience, people also do not realise the extent of the duties of an executor. These require a lot of time, effort, numerous communications with various entities, and endless follow ups. This do not include any delays encountered when waiting for feedback from outside service providers and state departments, which form an integral part of the administration process. Simply put, the executor essentially takes over the deceased’s administration. Any estate can present quite a few surprises and/or administrative challenges, and, unfortunately, most do. To the layman it may seem as if the winding up of an estate is quite straightforward, especially if they think that every aspect was covered and provided for in the Will. Unfortunately, even an entry-level estate can present its own set of problems. That is why the nomination of an independent firm as our executor should rather be seen as an investment in future family relations and peaceful co-existence.
In the event of nominating a family member or friend as your executor, bear in mind that this could be a very stressful task for them. Being an executor could be overwhelming at times, especially when emotions are running high while trying to make peace with the loss of the deceased. This can lead to family disputes and quarrels, especially where, for instance, one sibling is the nominated executor and communication with other siblings is not running smoothly.
As part of the Efficient Group, EFBOE is your partner of choice when it comes to nominating an executor. Our administrators are experienced and qualified in their specialised fields, and we always endeavour to provide exceptional service, despite any hurdles or complications encountered along the way. Under EFBOE’s agreement with Capital Legacy, who provides a life insurance service to your clients, the executor in all Wills drafted for Efficient advisors must always be EFBOE.
_____________________________________________________________________________
A LEGACY TO BUY A ROPE
A Will is a wonderful document in which people can express their love or affection for certain individuals, as well as leave legacies for which they will be remembered. However, a Will has also over the years been used as a tool by some to express their dissatisfaction, even hatred, for others, or to spite those that they felt have wronged them in some way. This was the legacy of Annie Langabeer to her brother-in-law. Annie bequeathed him two shillings and sixpence to “buy a rope” to hang himself. A strange legacy to leave indeed!
Until next month!
The Let’s Talk EFBOE Team