Category Life Insurance

FNB introduces estate services for estates with gross asset values of less than R250 000

15 February 2024 FNB
Aneesa Razack

Aneesa Razack

Lytania Johnson

Lytania Johnson

In recent years, increasing numbers of South Africans have been made aware of the importance of having a signed will.

Individuals with any type of property or assets - whether a house, car, pension fund, life insurance policy, or even savings account - has an estate; and resolving that estate quickly and effectively after they pass away is crucial to ensure that loved ones receive their rightful inheritance.

FNB has innovated with the core purpose of providing real help, by introducing dedicated, tailor-made and affordable estate administration services for the lower to middle end of the South African market for estates valued at R250 000 and lower.

Lytania Johnson, CEO of FNB’s Personal Segment said, “Very few South Africans understand what is involved in wrapping up their estate when they pass on. This alone can create anxiety and massive problems for their loved ones who are left to wind up the estate, while still navigating this difficult and emotional time. Many people think that estate administration is only for the wealthy, but the truth is that almost everyone irrespective of their asset value has an estate that needs to be dealt with when they pass on, and it’s not an easy process to do on your own, especially when you’re grieving the loss of a loved one.”

Aneesa Razack, CEO of FNB Fiduciary says, “The unfortunate reality is that most fiduciary services companies in South Africa aren’t prepared to offer vital estate administration services to people when the estates they need to wrap up are low in overall value. Historically, this has meant that countless South Africans found themselves in a very difficult position of wrapping up a deceased estate without any help or professional guidance. What’s more, the estate administration landscape is fraught with unethical practices and fraudulent schemes that prey on vulnerable individuals who may lack the necessary knowledge or awareness of their rights.

"This new offering was established with the aim of assisting those South Africans in this critical, yet often overlooked, aspect of financial planning," Razack explains, “and whatever the value of the estate that needs to be finalised, FNB will 'show up' and help manage the process.”

To deliver on this promise, the services offered include three distinct options to meet the individual needs and preferences of all South Africans.

For an affordable flat fee, the Assisted Renunciation service, entails FNB helping a client to get appointed by the Master for them to administer the estate themselves while getting help with the correct documentation. This option sees Entry Valued Estate services handling all the required document submissions to the Master of the Court on the person's behalf. The Master then sends the processed documents directly to the individual, allowing them to complete the estate process independently.

With the Full Administration service, FNB administers the estate on your behalf, charged at the minimum prescribed fee of the total estate value, the Estate services complete all the estate administration work on behalf of the client, ensuring that the estate is fully wound up.

Finally, the Full Renunciation service involves FNB guiding a client on completing the required documents for them to administer the estate and then submitting a resignation notice to the Master of the Court on their behalf. The client is then responsible for all other matters involved in winding up the estate.

According to Razack, the full renunciation offer is what most people with lower-value estates have to settle for when approaching many other estate administration companies. Since the launch of this service, there has been a decline of more than 92% in clients choosing the full renunciation offering, as most recognise that the two other solutions offer much more value at a very affordable cost.

The team speaks multiple languages, ensuring that clients receive the assistance they need in the language they are most comfortable with. The service also has a strong educational focus, leveraging easy-to-understand FNB Beneficiary Guides to ensure that clients fully understand the process and are equipped to complete it successfully in partnership with FNB Fiduciary.

"The purpose of the offering is not to try and make money; it’s to truly deliver on FNB’s promise of ‘help’, particularly during a very difficult time when relatives are grieving the loss of a loved one," concludes Razack, “it’s a pioneering service that is leading the way in providing inclusive, transparent, and compassionate estate administration for all South Africans.”

For more information on this service, customers can visit

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