The Trust itself is created by a document which indicates who the Trustees are as well as who the beneficiaries are and usually sets out how income may be received by the Beneficiaries and the powers of the Trustees.
A Trust is a wonderful instrument to legally protect your assets and ensure that your beneficiaries enjoy the fruits of the assets under the circumstances as set out in the Trust Deed.
Trusts must be Registered at the Master’s office by your attorney or yourself. There are certain documents that must be completed and signed, in addition to the Trust Deed itself. If these documents are not signed or not all the documents are completed, the Master may refuse to register your Trust. The Master may also refuse to Register your Trust if the Trust Deed does not comply with certain standards.
Once your Trust has been Registered, the Master will provide a Letter of Appointment, indicating the Trustees, to your attorney. Without this Letter of Executorship, one cannot make any decisions or transfer assets legally to the Trust etc, as this Letter of Appointment will be required by banks and SARS as well as any other relevant institution.
It is important as well to obtain adequate legal tax advice from your attorney so as to ensure that you may receive the relevant tax breaks and be aware of the tax and other implications of your Trust.
It is thus of paramount importance that you consult with an attorney regarding whether a Trust is the right option for you and if it is, how to go about wording your Trust Deed correctly, depending on your specific and unique needs.
Contact us today to set up your consultation at https://www.hamelattorneys.co.za/contact/ or on 012 754 3385. Our consultations may be done in person (after lock-down) or at any time, with set appointment online via Skype.