How Much Does It Cost To Draw Up A Will In South Africa

How Much Does It Cost To Draw Up A Will In South Africa

There was a time when banks would draft a will for you free of charge. But times – and practices – have changed. Now, if you approach a bank to draw up a will, you can expect to pay roughly R350 to R450, although prices range between R250 and R1 000. “Free wills” are available only in some circumstances.

How much does a will cost in South Africa?

The attorney will charge the estate or the family of the deceased a fee equivalent to 3.5% of the total assets of the estate. For example, if the deceased owns a house with a value of R 2 000 000.00 the attorney will charge a fee of R 70 000.00 as an estate fee.

Can you draw up your own will in South Africa?

You can, however, draft your own will as well, but you need to make sure that it complies with all the relevant formalities to be accepted as a valid will. Follow this link to a draft Will available on Legal Aid SA’s website.

How much does a will cost with Standard Bank?

The statutory tariff is 3.5% of the gross value of the estate and 6% on income received by the estate after the dating of death. If the executor is a VAT vendor, VAT will be charged at 15%.

How do I make a will without a lawyer in South Africa?

Steps to make a will without a lawyer

Decide how you’re going to make your will.

Include necessary language to make your will valid.

Choose a guardian for your minor children.

List your assets.

Choose who will get each of your assets.

Choose a residuary beneficiary.

Decide what should happen to your pets.

Choose a will executor

Print and sign your will in front of witnesses

Store your will in a safe place

When you might want a lawyer to help with your will

Most adults with a simple estate can make their own will without the help of a lawyer. However, there are some instances where you might benefit from having an estate attorney make your will. This could include if you:

Have complicated family dynamics (for example, you have a blended family, or want to disinherit your spouse or a child)

Are a business owner

Own a lot of assets, or own property in multiple states

Think your will might be contested in probate court

Even if you decide to have a lawyer make your will, you can prepare your documents in FreeWill’s will template, saving you time and money.