That’s right South Africans; you have billions waiting to be claimed.
According to the Financial Sector Conduct Authority (FSCA), an astounding 89 billion rands of unclaimed benefits are just sitting there! This enormous sum, held by banks, pension funds, and various financial service providers across the country, is waiting for entitled individuals to come forward and claim what rightfully belongs to them.
How Does This Happen?
At LDI we have observed this phenomenon, particularly from the perspective of estate administration. For example, when an individual in a family passes away, their relatives are aware only of specific financial accounts or instruments they held, such as a bank account or a funeral policy. The first action taken, due to the urgent need to arrange the funeral, is to report the death to the court to obtain letters of authority, which are necessary to make claims at the identified institution.
Often, this process concludes without further investigation into other financial institutions or banks where the deceased might have additional funds to which beneficiaries are entitled. As a result, these unclaimed assets contribute to the substantial total of R89,000,000,000. To put this amount into perspective, one could build approximately 356,000 RDP houses with that amount.
It is common, yet unfortunate, for individuals to hesitate or overlook seeking assistance from attorneys who can conduct a thorough investigation into the complete range of assets owned by the deceased. This step is crucial to ensure that beneficiaries receive all that they are rightfully entitled to.
Are Legal Fees an Issue?
A common concern that prevents many individuals from seeking legal assistance is the costs associated with legal services, which they often cannot afford. Nevertheless, there are options available to address this.
Some of the options are (1) for the attorney to require the client to pay an initial small deposit and then recover their fees from the money collected; or (2) for the attorney to take on the matter without the deposit and then recover their fees from the money collected. The preferred approach will depend on the attorney’s assessment of the prospects of successful recovery.
In our country, where most households face financial pressure, it is unacceptable to let legal fees hinder access to financial relief.
How Can We Assist You at Our Firm?
Our legal practitioners and support staff have over 30 years of experience in dealing with deceased administration matters. This, coupled with our established relations and networks with various financial institutions position us to provide an efficient and effective service, ensuring that no stone is left unturned in the pursuit of uncovering a financial legacy/love gift left for you by your deceased loved one.
You can contact our offices on 0430506630, admin@ldekedainc.co.za or via WhatsApp 060-432-5451.
In conclusion…
We would also encourage you to share this article broadly, and who knows, you might help someone who is currently due to receive a benefit but is just simply unaware of the information that we have shared.