Tag Archivestrusts
Testamentary Trusts

Testamentary Trusts

We all have read and heard somewhere in our lives of the importance of a Will.  However, we have not heard the reasons as to why we need to make provision for a testamentary trust in our Wills.  As we are celebrating Youth Month in June, we are now more aware than ever before that […]

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neighbour

Caution for Trustees buying Trust property

Often individuals are appointed as the Trustee of a trusted friend or family member’s family Trust. Should, for example, the Trust’s founder pass away and the surviving spouse or the founder’s children wish to sell the Trust assets and dissolve the Trust, may the Trustee be in a position legally to acquire any of this […]

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tax

Wills, Trusts and Estates: The Importance of reviewing a trust

Despite the skepticism with which they are viewed by SARS and the ever-tightening regulatory environment, trusts remain invaluable tools in estate planning. Especially if they are setup to serve a well-planned and predefined purpose.   Another misconception, is that once you have setup a trust no amendment is ever needed in future, or that the […]

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preferential procurement

The general duties and obligations of trustees

The governance of a Trust is completely in the hands of its Trustees and all assets, liabilities, rights and duties of the Trust reside in them.  Consequently, an appointment as a Trustee is a position that comes with a substantial amount of responsibility and, therefore, it is an appointment not to be taken lightly. The […]

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removal of trustee

The removal of a trustee

What options are available if a trustee does not execute his mandate in the best interest of the beneficiaries as set out above, but is unwilling to resign as a trustee? Trusts are regulated by the Trust Property Control Act 57 of 1988 (“the Act”). In simple terms, a trust arrangement always involves three parties, […]

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