Blue Chip Issue 96

BLUECHIPFINANCIAL

BLUECHIPFINANCIAL PLANNING | Estate planningMaking the loss of a lovedone easierCapital Legacy was founded in 2012. Their mission is to make the loss of a loved one easier. Their comprehensivesolution goes beyond drafting and safely storing wills at no cost, they also remove the financial burden ofestate administration costs. This pioneering integration has made Capital Legacy SA’s fastest-growing providerin this space with more than a million wills drafted. Blue Chip speaks to CEO, Craig Harding.Capital Legacy is a relatively young company but making suchan impact. Why do you think this is?We make it easier for clients to get their wills drafted, to cover thecosts of dying that people don’t think (and often don’t know!) about,and by doing super-efficient deceased estate administration. Weapproach every task not from an administrative point-of-view,but from a human one. Our whole team knows that behind everywill we draft and every estate we wrap up, are people and familieswhose lives we are touching through the work we do. This approachis extremely important to us and informs every decision we make,including technology, products and systems. We’ve helped draft overa million wills and have not departed from our mission.Capital Legacy recently commissioned independent researchon the financial services trends in South Africa. What were themain findings?A total of 52% of respondents said they plan to draft a will in the nearfuture, with nearly half of them (49%) in the 25-34 age group. Thissuggests financial awareness and estate planning education resonatewith younger generations – a promising sign for the future and forinformed financial decision-making. Alarmingly, however, we stillsee a lack of action with nearly 70% of South Africans still passingaway without a valid will, so we are committed to continuing oureducation drive.Why do so few South Africans have wills and why is thisa problem?Research tells us the two main factors are: [1] Many South Africansbelieve wills are only for older and affluent people; [2] Most ofus don’t draft our wills because of good old procrastination. Anestimated 8.7-million homeowners, 5-million single moms and5.4-million vehicle owners in South Africa do not have wills. Theserious problem with this is that dying intestate (without a will)means the law takes over and distributes your estate in a specificorder. It’s even more serious when parents with minor children diewithout a will because then the courts must decide who raises theirchildren which may be completely different from who their preferredguardians would have been.Why does it take so long for deceased estates to be wrapped upin South Africa and what can be done about it?Deceased estate administration is a multi-step process that involvesmany role-players. By its nature it is complex and time consuming.The sad fact is that few people have their financial affairs in orderbut added to this is the impact of not having a valid will, unforeseencomplexities in the estate, delays at the Master’s Office and evenfamily members contesting wills. These factors all cause delays.Capital Legacy constantly works on improving this process. Overthe years, and after administering thousands of deceased estates,we have built bespoke systems and processes, and we’ve integratedkey functions in-house. This reduces administration times and meansbeneficiaries don’t have to wait unnecessarily for their inheritances.Why choose Capital Legacy when there are so many placesnowadays (banks, lawyers, etc) that can draft one’s will?It’s true that there are many reputable companies that can draft a will.However, your main consideration should be the ease of doing yourwill and keeping it up to date, the comprehensiveness of the solutionand the skills and experience of who will carry out those instructionswhen you pass away. Who will make sure your loved ones are reallylooked after? That’s where the real difference comes in. We have oneof the largest in-house estate administration teams in the country,who take care of every detail from start to finish. We don’t outsourceany part of the administration to anyone outside our ecosystem andwe always strive to make the loss of a loved one just a little easier forthe family left behind. Who will make sure yourloved ones are reallylooked after? That’s wherethe real differencecomes in.Craig Harding, CEO, Capital Legacy62 www.bluechipdigital.co.za

Don’t die in anawkward position.Don’t diewithout a will.Get your will done todayCapital Legacy is an authorised FSP, underwritten by Guardrisk Life Ltd, a licensed life insurer.