What is the role of an executor?

An executor manages a person’s deceased estate, ensuring debts are paid and assets are distributed according to the will. They handle legal processes, file tax returns, and work with the Master of the High Court to settle the estate.

How do you appoint an executor?

An executor is appointed in your will. Name a trusted individual or professional (eg attorney or bank). The Master of the High Court officially confirms the appointment after death. If no executor is named, the court will assign one.

What is liquidity planning?

Liquidity planning ensures there is enough accessible cash to cover immediate expenses after death, such as funeral costs and living expenses, before the estate is settled. This prevents financial strain when assets are frozen. It’s done through savings, life insurance, or accessible investments.

How much does it cost to die?

The cost of death varies but typically includes funeral expenses, estate administration fees, legal costs, outstanding debts and taxes. Proper estate and liquidity planning ensures these costs don’t become a burden on loved ones.

What are the costs of deceased estates?

Dying incurs three main costs: Taxes: Estate duty (20-25% of assets), capital gains tax and income tax all apply after death. Debts: All outstanding loans must be settled by the estate. Estate administration fees: Executor’s fees (around 4% of the estate), Master’s fees, valuations and advertising costs. .

What is the role of a financial adviser in winding up an estate?

A financial adviser guides the deceased’s family through the estate process, ensuring financial stability during a difficult time. They help access life policies, manage investments and assess liquidity for immediate expenses. Advisers also work with executors, ensuring assets are distributed smoothly while providing emotional and financial support.

clients and advisor having a discussion around a table

20 Mar 2025

Deceased estate planning for financial security

Major life changes can happen in an instant and being prepared for the unexpected can significantly ease the process of managing an estate.

At a recent Investec In conversation event, What matters in the end, we explored how estate planning and financial preparedness can safeguard your family’s future.

Nikki Bush | The hard truth about life after loss

"Everybody is going to come to a moment in their lives where they’re either going to have to wrap up somebody else's estate, or somebody's going to have to wrap up theirs."

Listen to the podcast

Listen to our panel highlights. Lieze-Mari Brink of Investec’s Tax and Fiduciary team, and Nirvashni Rajkumar, a leader in the Investec financial adviser team, shared their insights on how to plan for smoother deceased estate administration, from drafting your will to structuring your finances to ensure your family’s future.

Listening time: 34min

SKIP AHEAD

View podcast time stamps

00:00 Introduction

03:00 The power of being prepared

06:00 The first steps of deceased estate administration after someone passes away

07:30 The role of the Master of the High Court

09:20 The appointment of an executor

10:00 The role of a financial adviser in winding up an estate

13:00 Preparing for after-death expenses

14:00 Estate tax, capital gains tax, income tax and estate administration tax

18:00 Liquidity planning: budgeting for death costs

21:00 Is life insurance worth it?

25:00 Pensions, retirement annuities and retirement funds

27:30 What to include in a will

30:30 How power of attorney works

34:00 Where to start when it comes to estate planning

37:00 The value of a ‘Life File’ and Investec Private Vault

Nikki Bush, an award-winning speaker and best-selling author, delivered a poignant talk on her journey through loss and the importance of financial preparedness. Following the death of her husband, Nikki faced the emotional and financial challenges of navigating the deceased estate process. She revealed the stark realities about estate planning and the new financial realities her family faced.

Nikki's message is clear: don’t wait for a crisis; start organising your affairs today to secure your family’s future. Scroll to the bottom of the page to listen to podcast highlights from the panel.

Get more Investec insights straight to your inbox

* indicates required field.

Sending...

Please complete all required fields before sending.

Thank you

We look forward to sharing out of the ordinary insights with you

Sorry there seems to be a technical issue

Dealing with the death of a loved one is never easy, but having a plan in place can help ease the burden on those left behind during an already difficult time. Taking the right steps towards estate planning now ensures that when the time comes, your family is focused on healing, not searching for important information.

You’ve worked hard to create your legacy; safeguarding it for your family is essential. From what to include in a will to liquidity planning and responsible record-keeping, here’s how to ensure your final wishes are honoured and your loved ones are taken care of:

1. How to draft your will

Creating a valid will is a fundamental part of estate planning. It clearly outlines your wishes regarding the distribution of your assets after your passing.

Guidelines for a valid will

• You (the testator / testatrix) must be at least 16 years old and of sound mind to make a will.

• Your will must be a written document (either handwritten by yourself or typed and printed).

• You must sign the will at the end, and if it has multiple pages, each preceding page must also be signed.

• Your will must be signed by you in the presence of two competent witnesses. A competent witness is a person over the age of 14 years old who can testify in a court of law.

• The witnesses must sign the will in your and each other’s presence.

• Your will must be dated.
Additional considerations

• Somebody who has signed as a witness to a will cannot benefit from the will or act as an executor.

• If you have minor children, remember to nominate a guardian for them in your will. You also need to appoint a replacement, should your nominated person not be able or willing to act as a guardian.

• If you have minor children, you must clearly specify whether the nominated guardian can manage their inheritance until they reach adulthood.

If not, you can establish a trust for this purpose. It is important to seek professional advice on this matter if it applies to you. If this is not specified in your will, any assets inherited by a minor will be transferred to the Guardian’s Fund, which is managed by the government.

• Nominate a trusted individual or professional (eg attorney or deceased estates administrator) to be the executor of your estate. Designating an alternate person to serve as executor, in case your nominated executor is unable or unwilling to fulfill their duties.

• If you have offshore assets, estate planning needs to be considered. A South African will dealing with your worldwide assets is generally accepted. However, there may be administration, tax and exchange control implications for you. Professional advice is recommended.

• Most importantly, review your will annually to ensure it remains fit for purpose. Major life events, such as marriage, divorce, birth of a child, death of any individual named in your will or emigration, etc. should trigger the updating of your will.

2. Review financial plans with a financial adviser

In the event of your sudden passing, your family’s financial security could be at risk. To prepare for this challenging period, consult your financial adviser, who can help you put measures in place that mean life could continue with support and financial stability.

Create a detailed estate plan: Your estate plan should account for your beneficiaries, tax efficiency and estate duty implications. This approach ensures that your assets are distributed according to your wishes while minimising potential tax burdens (through trusts, for example).

A comprehensive estate plan not only protects your financial legacy but also provides clarity and support during difficult times, allowing your family to focus on healing rather than legal matters.

Assess your liquidity: Your financial adviser can review your savings, investments, and insurance coverage to determine whether you have sufficient liquidity to meet both short-term and long-term financial needs.

Address gaps in your cover: Disability insurance, critical illness cover and income protection can serve as a valuable safety net. These policies can assist with medical expenses and help preserve your assets and investments.

If your estate is not straightforward, your financial adviser can connect you with professionals specialising in complex estates, advanced tax strategies, foreign assets and unique family situations.

3. Organise your personal and financial records

Creating a comprehensive record of your important documents can significantly ease the burden on your loved ones when winding up your estate.

Create a Life File: Organise your physical personal and financial records into one file. This will include essential original documents such as your will, contact details for your executor and financial adviser your balance sheet, insurance policies, bank statements, investment records and title deeds.

Have an open discussion with your family: Discuss your estate planning and the importance of the documents in your Life File. This dialogue will ensure they understand your wishes and the significance of each document

Share the contents and location of your Life File with your family: Knowing where to find important information will help them navigate the arduous deceased estate process.

Create your Life File

Organise your physical personal and financial records into one file

4. Consider secure digital storage for important documents

Although your Life File will contain certain physical, original documents (such as your signed will and various certificates), it’s advisable to keep digital copies in a safe place.

Private Vault is a complimentary digital storage service for all Investec Private Bank clients. With Private Vault, you can safely store copies of key documents like passports, wills, certificates and property deeds, all protected by world-class, bank-grade security. To upload important documents for 24/7/365 access: