YFC Codicil increases distributions to heirs if net assets and life insurance are more than R3.5million.
YFC Codicil increases total benefits to heirs named in the will.
Executors remain as per the will.
How can this Codicil benefit me?
Beneficial to your heirs.
For example, if your net assets amounted to R10million your standard will would distribute R8.7M to your heirs while with a YFC Codicil the distribution to heirs would be R8.9M.
What costs are involved?
As far as the testator is concerned the only cost is R1000. A further charge is made against the estate equal to 15% of the additional amount heirs receive extra because of YFC Codicil.
If there is no extra benefit to heirs there is no further charge.
Can I test out the potential benefit before signing up?
Yes. The benefit you can test is based on your current assets and life insurance but remember the real benefit is at the date of death when the executor applies the formula.