FNB highlights the steps that need to be followed to finalise the estate
The most pressing and immediate cost facing families after the death of a loved one is the funeral and the associated costs.
The loss of a family member or a loved one is a challenging and emotional life experience.
“Help and guidance is essential for families to get their affairs swiftly in order. Putting financial issues off to later will not only leave families with unnecessary financial constraints, but can also lengthen the process of winding up an estate. This is why it’s important to update a will annually and ensure it reflects the wishes of the testator or testatrix,” says Matlhodi Leteane, FNB fiduciary.
Winding up a loved one’s estate takes time, but FNB highlights the steps that need to be followed to finalise the estate.
Consolidate costs
Ester Ochse, product head at FNB money management, says, “The most pressing and immediate cost facing families after the death of a loved one is the funeral and the associated costs. Most funeral homes wont be prepared to wait for payment and require a substantial deposit before proceeding with arrangements.
“To settle these costs, first determine whether the deceased held a funeral policy to help settle costs in full or in part. There may be an immediate expense benefit on any life cover policy that they may have had, which will go some way to offsetting the immediate costs.”
When no funeral cover is in place, the estate is liable for the reasonable cost of the funeral. It’s important to keep all the receipts arising from the funeral and to submit a claim to be reimbursed from the estate once an executor has been appointed.
Get a copy of the last valid will
As the legal document that outlines the deceased person’s last wishes, getting a copy of the latest will is the most essential part of the process. The will is needed to determine the distribution of assets, naming of beneficiaries, and devolution of the estate. It should also name the executor or executrix of the will, and it acts as a guide for executing the deceased’s wishes.