Setting up Trusts / Appointment of Trustees
Setting up trusts / appointment of trustees
We draft your Trust Deed according to your specifications and attend to the registration of your Trust with the Master of the High Court.
We often work in conjunction with your broker or financial advisor to ensure that the Trust can be used as a valuable Estate Planning tool.
It is important to understand that a Trust can be created in terms of your Will or in terms of a Trust Deed. If the Trust is created in terms of your Will, the Trust will only come into operation after your death, whereas an inter vivos Trust will come into operation as soon as it is registered at the Master of the High Court.
The Trustees will be appointed and must take control of the Trust assets and manage these in terms of the Trust Deed.
Whilst a Trust can be a very effective way of structuring your affairs, it is important that you and your family’s financial and other circumstances must be taken into account when you create a Trust and you must make sure that you understand the legal implications of the Trust.
Trustees must be aware of the legal fiduciary obligations that they will have in terms of the Trust Deed as well as the Trust Property Control Act 57 of 1988.
We draft the Trust Deed for you and attend to the registration of the Trust Deed and Appointment of the Trustees at the Master of the High Court and can also assist your Trustees in opening of the Trust’s bank account. Should circumstances necessitate an amendment to the Trust Deed, we can also assist in drafting and registering such a Deed of Amendment of Trust Deed.
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