THIS IS A BOOK THAT ANYONE WITH ASSETS SHOULD READ

Discretionary Living Trusts A legacy for generations

Written by Trust Specialist, Mervin Messias, it is the culmination of knowledge and expertise that has been acquired over many years’ study and practice of Trust law.

The author recommends the use of Trusts as part of estate planning because they provide solutions to many potentially complicated problems related to asset protection, succession planning, and disability protection. Many little-known benefits of Trusts are revealed to help protect your hard-earned wealth for generations to come. A Trust circumvents the whole process of winding up an estate, together with its potential delays, hassles and frustration.

In fact, a Trust deserves pride of place in any estate plan. It means business as usual, even after death, with no executor, executor’s fees or estate duty.

Read all about it!



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    THE DEBT TRAP

     

    Author: mmtsAdmin

    WHAT HAPPENS IF CREDITORS LAUNCH AN ATTACK ON YOUR ASSETS? Debt is inevitable for most people – usually driven by security or pragmatism – such as to finance a home, new business venture, tertiary education, car and so on. That is, items of significance. Racking up...

    [vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column][vc_column_text]Mervin Messias talked about Trust Property Control Act of 1988 in this podcast. Podcasts courtesy of Africa Melane from Cape Talk & 702.[/vc_column_text][vc_raw_html]JTNDZGl2JTIwY2xhc3MlM0QlMjJjb250ZW50UG9wdXBCdG4xJTIyJTIwdGl0bGUlM0QlMjJUcnVzdCUyMFByb3BlcnR5JTIwQ29udHJvbCUyMEFjdCUyMG9mJTIwMTk4OCUyMiUyMHVybCUzRCUyMmh0dHBzJTNBJTJGJTJGb21ueS5mbSUyRnNob3dzJTJGZWFybHktYnJlYWtmYXN0LXRhbGslMkZwbGF5bGlzdHMlMkZwb2RjYXN0JTJGZW1iZWQlM0ZzdHlsZSUzRGNvdmVyJTI2YW1wJTNCc2VsZWN0ZWRDbGlwJTNEMjM1Y2VlMWEtNmY5NC00NTI4LTg2NmYtYWU3MDAwMzFkY2RmJTI2YW1wJTNCbGlzdCUzRDAlMjIlM0VDbGljayUyMGhlcmUlMjB0byUyMHdhdGNoJTIwdGhlJTIwcG9kY2FzdCUzQyUyRmRpdiUzRQ==[/vc_raw_html][/vc_column][/vc_row]...

    Few people realise that a Power of Attorney is rendered invalid when the person who signed it, is declared mentally incompetent by a medical specialist. Understandably, this person must be protected from unethical opportunists but anyone who has been acting on behalf of the individual...

    [vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column width="2/3"][vc_column_text] What happens when there are trust disputes? The human factor is responsible for most trust disputes because trusts involve different people with conflicting interests. Differences of opinion or need are sure to surface at some stage: Among the...

    [vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column width="2/3"][vc_column_text]Trusts are usually introduced as part of a person’s estate plan. When the intention behind the creation of a trust is to exploit the trust form for personal gain or to evade liability, the trust will fall foul...

    [vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column width="2/3"][vc_column_text]The Trust Property Control Act came into force on 31 March 1989, and was amended by the Justice Laws Rationalisation Act, No. 18 of 1996. It serves as an operational framework shaped by case law, and is monitored...

    [vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column width="2/3"][vc_column_text]Understanding the parties to a trust is important as there may be some overlapping of roles. There are two parties to a trust - the founder and the trustees, both of whom are signatories to the trust. Beneficiaries...

    [vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column width="2/3"][vc_column_text]This is what you need to know about trustees. Trustees are required to assume non-beneficial ownership and control of trust property. They act in a fiduciary capacity, that is, in the best interests of another, and as office bearers...

    [vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column width="2/3"][vc_column_text]One of the benefits of a discretionary living trust is that it is not limited by time, and may continue to exist for as long as it serves its purpose. However, termination may become necessary one day, owing...

    [vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column width="2/3"][vc_column_text]There are some important points that support the rationale for amending a trust deed. An amendment to a trust deed is often required to accommodate important changes or provide for unexpected situations. Examples include: A change of legislation,...

    [vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column width="2/3"][vc_column_text] 1.WILLS Let’s explore some important points when it comes to a will. Anything bequeathed in a will only becomes a reality when you die. A will cannot help, or benefit you. Of course, a will can be amended...

    [vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column width="2/3"][vc_column_text]Caring and providing for one’s children is tough enough as a couple. But, as a single parent, the emotional and financial load increases significantly and the scariest question must be, “What will become of my children if...

    [vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column width="2/3"][vc_column_text]Marriage is a law of contract, not equity. Marriage by Ante-Nuptial contract may, or may not, include accrual. That is for each couple to decide under the direction of an impartial attorney. Either way, it gives each partner...

    [vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column width="2/3"][vc_column_text]Anyone who has faced divorce knows what an ugly, self-serving and humiliating battleground it can become. Regardless of the circumstances surrounding the divorce, much of the settlement depends on the marriage contract. However, clever (and very expensive) legal...

    [vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column width="2/3"][vc_column_text]A discretionary living trust is often referred to as a will substitute. Here are some important distinctions to consider: 1. The Discretionary Living Trust Assets vested in a discretionary living trust are owned by the trust. Hence, when the...

    [vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column width="2/3"][vc_column_text]Second marriages can be complicated, often the new relationship is accompanied by someone else’s children. You will discover that finances become a core component. This new partnership means that new individual and combined family needs must be...

    [vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column width="2/3"][vc_column_text]There are laws that prevent trusts being exploited for tax avoidance purposes. Unlike a company or close corporation, a discretionary living trust is not a juristic entity. It cannot be owned, transferred or sold. The assets can...

    [vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column width="2/3"][vc_column_text]Regardless of the type of trust, the administration of trusts is governed by the provisions of the Trust Property Control Act 57 of 1988. The Act holds trustees to account for any maladministration or non-compliance. The trustees...

    [vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column width="2/3"][vc_column_text]A living trust is created during your lifetime. Ideally, you should consult a Trust Specialist who has the expertise and knowledge to set up a living trust that suits your needs. The question is, is a Discretionary...

    [vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column width="2/3"][vc_column_text]Also known as an ‘inter vivos’ trust, it is a living legal entity and our trust of choice as the core component of an estate plan. Estate planning in South Africa involves securing the futures of your...

    Are you considering having an estate plan set up? Let’s explore what estate planning South Africa involves. Estate planning South Africa involves securing the futures of your loved ones with a carefully structured legacy that leaves no room for any uncertainty. Looking after our dearest...

    Have you been named as the executor of an estate? While this may seem quite daunting, you need to have the right individual helping you with the probate process. You should think about choosing a probate lawyer to assist you with the probate process. Are...

    Choosing your executor is an important decision that needs to be made. Your executor is responsible for administering your estate. Your executor will see to it that the terms of your will are carried out after you die. What should you know about choosing your executor? The...