Inheritance Taxes High For South Africans

The taxes associated with someone dying in South Africa are high.

Thats according to Banzi Mcasa, an advocate for financial security.

He says pitfalls in asking a bank to execute a will disadvantage families.

Mcasa says some of the banks want families to pay upfront the fees associated with the executorship.

You have to pay a 20 estate duty tax there are Masters fees there are executor fees. You know, when you have a Will with the bank or the lawyer, there is a 2.5 executor fee that one needs to pay, and it might sound small, but if you are worth over R5 million, and this is not just cash in the bank but everything you own, the total value of your home and the cars, and sometimes people put life insurance in their Will, it just inflates their estate in the region of millions.