Your Family & Charity Codicil
LEAVE A BETTER LEGACY
Give more to your loved ones and your favourite charities
Make a meaningful difference
When the time comes, you want to leave a legacy that not only reflects your wishes, but also provides your loved ones with better financial outcomes.
You can – by making a difference to your favourite charity and remembering them in a specific way with a Your Family and Charity Codicil (YFC Codicil).
Crucial component of effective estate planning
For estates with net assets over R3.5 million
Eliminates "estate duty on estate duty"
By structuring your estate duty correctly
Heirs can receive up to 8% more
Depending on your chosen generosity factor
Favourite charities benefit from tax savings
Without taking away from your heirs' inheritance
How the YFC Codicil creates a more efficient tax structure
The traditional estate administration approach
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Estate duty is assessed on the assets remaining after estate liabilities, estate administration costs and the tax-free assets of R3.5 million have been deducted
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The cash to pay estate duty is included in the remaining assets
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The estate ends up paying "estate duty on estate duty" as a result
The YFC Codicil approach
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It specifies what heirs receive, leaving a residue in the estate from which the estate duty and charity benefit must be paid
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The residue is a deduction before taxation
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The residue to the charity is tax deductible
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Tax is always paid first from the residue and the rest is left for your charity
Choose a charity and generosity factor
Your charity needs to be a recognised Public Benefit Organisation (PBO) in order for your estate to receive the tax benefit.
You need to choose a generosity factor from ,1 to 100, which is a percentage of the amount left in the residue after the estate duty has been paid.
Insert your wealth & a generosity to see the effect of YFC Codicil
YFC Codicils are risk-free
100% Confidential
You don't need to ever disclose your wealth, heir or will details
100% Guaranteed
Your heirs will never receive less than they would have under your original will
100% legal
The precedence is per court judgment
100% Tested
Has successfully been used in assessed estates