Trusts

A Trust is a valuable estate planning tool used to protect your assets and minimize estate costs.

There are various types of Trusts:

  • Inter vivos Trust (Living Trust)
  • Testamentary Trusts
  • Bewind Trusts (Special Trusts)

You should consider a Trust when:

  • Your assets exceed the amount of R3 500 000
  • Your assets are appreciating assets
  • You have minor children
  • You wish to control how and when your assets get distributed to your beneficiaries/heirs
  • You need to protect your assets

Things you should consider before setting up a trust:

  • Costs: Apart from the initial setup costs there are costs to prepare annual financial statements, Annual income tax returns and Bi-annual provisional tax returns
  • Administration: Documents need to be kept from inception to at least 5 years after the trust has been deregistered
  • Trustee minutes and resolutions pertaining to all transactions to be drafted and retained
  • A Trust bank account for all cash flows
  • An asset register must be kept

What we will do for you:

  • A confidential meeting to obtain the relevant details to set up the trust
  • Draft the Trust Deed and register the Trust with the Master
  • Assist you in opening the bank account for the trust
  • Register the Trust with SARS
  • Assist in appointing an auditor for the Trust
  • All Trust administration including resolutions as well as minutes of Trustee meetings, as well as amendments to the Trust Deed when required
  • Act as an independent Trustee if required

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