When it comes to planning and managing your estate, you’re in the trusted and extremely capable hands of Barry Pogrund and Albert de Roock. With over 75 years combined experience in the industry, this power duo has the expertise to secure your next steps both efficiently and compassionately, committed to finding solutions on the journey.
When it comes to planning and managing your estate, you’re in the trusted and extremely capable hands of Barry Pogrund and Albert de Roock. With over 75 years combined experience in the industry, this power duo has the expertise to secure your next steps both efficiently and compassionately, committed to finding solutions on the journey.
Get to know Barry and Albert in this short interview addressing the legal, financial, and procedural hurdles associated with estate administration and drafting of wills.
Barry, what makes you passionate about estate planning?
I feel privileged be able to assist people during a time which is extremely emotional, ensuring they’re well cared for overall. I aim to assist families in paying the least amount of estate duty and capital gains tax through solid plan making.
What is the most important thing I should know about drafting my last will & testament?
Albert: It must be completely correct in terms of the Wills Act; correct wording and correct signatures recorded in the presence of sound witnesses, etc. There’s a level of precision at MGI on which we pride ourselves.
Barry: It’s also very important that proper protocols are followed to support the administration of your estate. Off-the-shelf Wills may not cater to the full range of your needs. You really need experts like us to support you.
When is the best time to revise my current will?
Albert: Every two years on average – unless your circumstances change dramatically. In this event, you need to revise it immediately.
Why do people not have wills?
Barry: It’s frightening how many people don’t have a will, leaving their loved ones to sort out subsequent complications and expenses. People fear confronting death, but it’s simply part of life. It doesn’t matter how few assets you have, even if you just have a bank account, you should have a will. Also, you cannot create or alter a will for someone who is no longer of sound mind or deceased.
Post-COVID and considering current world events, what major challenges do families face relative to the subject of estate planning?
Albert: Estate planning is crucial when drafting a will. Planned correctly, estate administration is ultimately straightforward while poor estate planning could result in huge cash shortfalls that family members or heirs will have to cover.
Barry: COVID has once again shown us that people are dying at any age. Therefore, anyone with assets should have a valid will. Those who have emigrated or who have children abroad also need to cater for these circumstances accordingly.
Most people don’t plan for the legal expenses associated with dying. How to you help MGI Bass Gordon clients navigate this complex part of of personal financial planning to ensure the longevity of an estate and to prevent erosion of an intended legacy?
Albert: By preparing a thorough Draft Liquidation and Distribution account we ensure everything is taken care of and that any unexpected surprises are avoided.
Barry: We also try to minimise the payment of estate duty so that the estate’s cash flow is optimal. In terms of your legacy, we always stay mindful of the bigger picture.
Estates can take several months, sometimes years, to wind up. What is the average turnaround time at MGI Bass Gordon?
Albert: It depends on the estate itself and unpredictable external factors such as the banks, Master’s Office, and SARS – but generally it takes 9 to 12 months.
I’m worried about the tax consequences of my estate planning and trust. What support can I expect from your team?
Barry: We have a phenomenal tax division at MGI Bass Gordon who assist with estate planning. They will also calculate the amount of tax payable on any death (including capital gains tax as death triggers off a capital gain event). We go the extra mile to give you a holistic service.
In terms of delayed life cover distribution after my death, what provisions are there to ensure that my family is not struggling with month-to-month living expenses?
Barry: We ensure all the proper documentation is filed immediately for expedient life insurance payouts. Therefore, it’s crucial that your life insurance policy is in place with duly appointed beneficiaries. Getting the money from your life insurance company is not in any way connected with how fast or slow your estate is wound up.
We also assist you to ensure that the remaining spouse has funds in his or her accounts to weather any potential delays during the administration of the estate.
Albert: It’s important to mention that, in the interim, if your family does need emergency funds, we can arrange an advance from estate funds to relieve the burden of any financial stress.
When it comes to communicating with and updating my loved ones during the administration of my estate, what is your approach?
Barry: Ours is a very personal approach, ensuring that your loved ones are updated and understand what’s going on – we communicate with them as often or as little as they want.
Barry, what’s your best advice for entrepreneurs and family businesses on tax and succession planning?
We offer excellent management consulting to assist with this. Succession planning is critical in any business because if you don’t have somebody to pick up the reins immediately, you may be in for problems – particularly when you’re a sole proprietor.
Albert, why should I choose MGI Bass Gordon over other firms offering similar services?
It’s our personalised attention that sets us apart. We see you as family and not just a client. The service offered by big banks can often be impersonal and bureaucratic, you’re treated like another number, while we make every effort to care for your loved ones who are left vulnerable after your passing. At MGI we put you first, always.
I am interested in a free consultation. What’s the next step?
If you’re seeking more than just the ordinary and would like to explore how we can meet your estate planning and will administration needs with our tailormade solutions, start the conversation with Barry and/or Albert today: +27 21 405 8500 or send an email to info@bassgordon.co.za
MGI Worldwide is a leading international network of separate and independent accounting, legal and consulting firms that are licensed to use "MGI" or "member of MGI Worldwide" in connection with the provision of professional services to their clients. MGI Worldwide is the brand name referring to a group of members of MGI Ltd., a company limited by guarantee and registered in the Isle of Man with registration number 013238V, who choose to associate as a network as defined in IESBA and EU rules. MGI Worldwide itself is a non-practising entity and does not provide professional services to clients. Services are provided by the member firms of MGI Worldwide. MGI Worldwide and its member firms are not agents of, and do not obligate, one another and are not liable for one another’s acts or omissions
