Liberty partners with Capital Legacy to make estate planning easier

David Jewell, Head of Retail Life and Savings at Liberty

Liberty, the long-term insurance business unit of the Standard Bank Group has partnered with South African wills and estates specialist, Capital Legacy to bolster its financial planning offering. The insurer’s Financial Advisers will now be able to offer clients comprehensive estate planning that includes will-drafting by expert consultants, courier collection and safe keeping of documentation– all at no cost. Without careful estate planning, families may face delays, disputes, and even asset liquidation to settle outstanding debts.

The Liberty Legacy Protection Plan enhances efforts that help solve the financial challenges of winding up an estate by covering executor, legal, estate administration and trust fees.  

"We deliver Financial Advice through our advisers who are experts at helping clients understand and financially plan for their needs through sustainable action that address these needs. Our human-centric approach enables customisation to the individual client, while leveraging technology to deliver an efficient and seamless experience. This partnership with Capital Legacy bolsters our offering, and our Financial Advisers will now provide more holistic end-to-end financial planning, enhancing our Retail offering to the market,” says David Jewell, Head of Retail Life and Savings at Liberty. 

Jewell says that entering a Joint Venture with Capital Legacy was the preferred approach given the desire to execute at pace and the strong reputation and delivery track record Capital Legacy has developed. This enables Liberty to better grow and protect what matters most to clients and to meet core client needs that are underserved in the market. 

Data from the Master of the High Court indicates that approximately 70% of South Africans do not have a last will and testament. 

“This is concerning, not only because families can be left destitute as a result of not having the appropriate insurance and investments in place, but also because of the trauma families can suffer resolving the administration of winding up an intestate estate when a loved one passes away without a will. A will is like a final letter of love and appreciation to your family – something we should all make sure we have in place while we’re alive and of sound mind,” says Jewell.   

Capital Legacy CEO Craig Harding says this joint venture affirms Capital Legacy’s hard-won position as the leading wills and estates provider in the country. “We are proud to help serve Liberty clients by making the loss of loved ones easier. Our solution ensures that families have everything in place, from professionally drafted wills to protection against the unexpected costs of dying, underpinned by industry-leading estate administration services during the overwhelming process of winding up a deceased estate.” 

The Liberty Legacy Protection Plan offers a range of benefits, including:

• No charge for drafting, courier collection, safekeeping, amendment and retrieval of a will
• Cover for legal fees such as executor, conveyance and trust fees
• Immediate liquidity – ensuring your loved ones have access to cash for immediate expenses
• Estate overheads protector – covering ongoing expenses during deceased estate administration
• Estate gap cover – provides additional protection for additional taxes and costs, such as inheritance taxes, estate duty, capital gains tax and additional legal costs when both spouses pass away within 12 months of each other. 

Closing the estate planning gap in South Africa

“We understand that many people are intimidated by the prospect of discussing their will, let alone getting one in place. We go beyond making the drafting and safekeeping of your will easier – our comprehensive approach is designed to protect estates from substantial executor, administration and legal fees. With the right in-house professionals and through the use of smart technology, we make the entire process smoother, more human and less stressful for our clients,” adds Harding. 

While financial institutions and initiatives such as the Law Society’s National Wills Week have made strides in educating the public, South Africa can take cues from international best practices.

In the United States estate planning is integrated into financial literacy programmes and tax planning, and there are tools that make estate administration more efficient, and laws that incentivise structured planning to reduce tax burdens. 

Australia has adopted technology to speed up the process of getting a will and some employers and retirement fund providers offer will-drafting as part of financial planning benefits. 

Empowering South Africans to take control of their legacies

For many, estate planning means confronting their own mortality, which can be uncomfortable. But it is one of the most important financial discussions one can have. A well-drafted will offers the ultimate peace of mind, ensuring that your legacy is protected, and it should be part of your financial planning. Consumers should be speaking to their financial advisers about it today,” concludes Jewell.