By pioneering this integration costs, Capital Legacy has become SA’s fastest-growing provider in this space with more than a million wills drafted. Blue Chip speaks to Capital legacy CEO Craig Harding.
Capital Legacy is a relatively young company but making such an impact. Why do you think this is?
We make it easier for clients to get their wills drafted, to cover the costs of dying that people don’t think (and often don’t know!) about, and by doing super-efficient deceased estate administration. We approach every task not from an administrative point-of-view, but from a human one. Our whole team knows that behind every will we draft and every estate we wrap up, are people and families whose lives we are touching through the work we do.
This approach is extremely important to us and informs every decision we make, including technology, products and systems. We’ve helped draft over a million wills and have not departed from our mission.
Capital Legacy recently commissioned independent research on the financial services trends in South Africa. What were the main findings?
A total of 52% of respondents said they plan to draft a will in the near future, with nearly half of them (49%) in the 25-34 age group. This suggests financial awareness and estate planning education resonate with younger generations – a promising sign for the future and for informed financial decision-making. Alarmingly, however, we still see a lack of action with nearly 70% of South Africans still passing away without a valid will, so we are committed to continuing our education drive.
Why do so few South Africans have wills and why is this a problem?
Research tells us the two main factors are: [1] Many South Africans believe wills are only for older and affluent people; [2] Most of us don’t draft our wills because of good old procrastination. An estimated 8.7-million homeowners, 5-million single moms and 5.4-million vehicle owners in South Africa do not have wills.
Who will make sure your loved ones are really looked after? That’s where the real difference comes in.
The serious problem with this is that dying intestate (without a will) means the law takes over and distributes your estate in a specific order. It’s even more serious when parents with minor children die without a will because then the courts must decide who raises their children which may be completely different from who their preferred guardians would have been.
Why does it take so long for deceased estates to be wrapped up in South Africa and what can be done about it?
Deceased estate administration is a multi-step process that involves many role-players. By its nature it is complex and time consuming. The sad fact is that few people have their financial affairs in order but added to this is the impact of not having a valid will, unforeseen complexities in the estate, delays at the Master’s Office and even family members contesting wills. These factors all cause delays.
Capital Legacy constantly works on improving this process. Over the years, and after administering thousands of deceased estates, we have built bespoke systems and processes, and we’ve integrated key functions in-house. This reduces administration times and means beneficiaries don’t have to wait unnecessarily for their inheritances.
Why choose Capital Legacy when there are so many places nowadays (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 your will and keeping it up to date, the comprehensiveness of the solution and the skills and experience of who will carry out those instructions when you pass away. Who will make sure your loved ones are really looked after?
That’s where the real difference comes in. We have one of the largest in-house estate administration teams in the country, who take care of every detail from start to finish. We don’t outsource any part of the administration to anyone outside our ecosystem and we always strive to make the loss of a loved one just a little easier for the family left behind.
Website: https://www.capitallegacy.co.za
