It is not a legal requirement that a trust’s books are audited, and it may add an unnecessary cost in the administration of a trust.
Trustees are the guardians of the trust assets and have a duty to manage these assets in the best interests of the beneficiaries.
Many spouses, and unfortunately to date a lot of women, get the short end of the stick when their marriages break up and there are trusts involved.
A trust has a perpetual existence that is not attached to the life of any person, similar to companies and close corporations.
TRUST TO TRUST: Estate planning is widely defined as arrangement, securement, management and disposition of your estate … writes Phia van der Spuy.
TRUST TO TRUST: A letter of wishes is a way for you to inform others of matters to be taken into account after your death … writes Phia van der Spuy.
TRUST TO TRUST: People are often nervous about entering into contracts with a trust, due to the unique nature of trusts … writes Phia van der Spuy.
The decision to move your primary residence into a trust depends on your individual circumstances… writes Phia van der Spuy.
Although death and taxes are certain, people are always looking for ways to minimise taxes upon death… writes Phia van der Spuy.
Trusts can be structured as either vested or discretionary inter-vivos trusts… writes Phia van der Spuy.
Traditionally, people moved assets into a trust to stop/freeze growth in their personal estates for estate duty purposes… writes Phia van der Spuy.
Trustees are the guardians of the trust assets and have a duty to manage these assets in the best interests of the beneficiaries.
Estate owners considering registering a trust are often told that there should be a specific number of trustees appointed, writes Phia van der Spuy.
The fact that you have a written trust deed is not a guarantee that your assets are safe, writes Phia van der Spuy.
Similar to companies and close corporations, a trust may have a perpetual existence that is not attached to the life of a person writes Phia van der Spuy.
The founder of a trust should be asked whether there is a true intention to create a trust for the benefit of beneficiaries writes Phia van der Spuy.
Any income or capital gain paid to or vesting in a beneficiary will be taxed in the hands of that beneficiary writes Phia van der Spuy.
Sars attempts to limit the abuse of trusts as a means of tax evasion by individuals, writes Phia van der Spuy.
If you didn?t have the chance to listen to the Budget, the news is that you can, in fact, be glad you have a trust, writes Phia van der Spuy.