The costs associated with winding up your estate and what to do about it

A lot of people are not aware of the hidden costs of finalising an estate. There are executor’s fees, estate taxes and if a property is involved, conveyancing fees.

Unless you plan for these costs, these fees could be taken out of the estate which means less money will be distributed to the beneficiaries. Even worse, your beneficiaries might be burdened with having to find the money to cover these fees themselves.

1Life can help you with this:

• Our software has calculators that will give you an indication of the potential costs in winding up your estate. The more complete your list of assets and liabilities, the more accurately we can calculate the costs.
• Because we act as your executor, you are assured there are no hidden costs, and you have full transparency on the services and fees involved. The level of detail the 1Life system collects, also means the estate is wound up quickly and efficiently so you don’t incur any further costs or penalties.
• You can also register for or Executor option. This allows you to save up to 40% on executor fees and 10% on conveyancing fees.

If you want to make sure your beneficiaries do not carry any financial burden when winding up your estate read more here or contact your financial adviser.