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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.

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    Trust Administration

    Home > News Feed  > Trust Administration

    18 Nov Trust Administration

    Posted at 11:34h in News Feed, Trust Issues by
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    Did you know that a trust is ideal for ensuring your business’s continuity? Are you thinking of establishing a living (inter vivos) trust? What is important to know about trust administration in South Africa?

    Find out more below.

    • Firstly, it is necessary to define what a trust is. A trust is a legal entity that consists of a founder, trustee(s) and beneficiaries. The trustees are responsible for managing the trust’s assets for the benefit of the beneficiaries.
    • The Trust Property Control Act, 57 of 1988 governs trusts.
    • Who must administer the trust? A professional trustee should be appointed to administer the trust. It is recommended that you appoint at least one independent trustee. Trustees need to be honest and trustworthy people.
    • How are trusts registered? Trusts have to be registered with the Master of the High Court in South Africa. A trust must have a trust deed that is lodged with the Master’s office, if it is an inter vivos trust.
    • The trust deed contains all the essential details of the trust. The trust deed stipulates how the trust is to be administered, and the formalities that need to be followed.
    • All trust assets have to be registered in the name of the trust.
    • Note that if a trust is not established and administered properly, the trust (that has been established) might be regarded as a sham. It is imperative that trustees ensure proper trust administration.
    • The trustees need to record all decisions that they make in a minute book. This book will help with potential dispute resolution.

    As a highly experienced Trust Specialist, I look forward to meeting with you and explaining the necessity of trust administration. I will take you through the process of creating a living trust, and explain the importance of administering a trust properly. I will discuss the process of administering a trust in easy-to-understand layman’s terms. I am available to meet for one-on-one meetings with my clients.

    DR MERVIN MESSIAS

    JD (Juris Doctor) / BA, LLB (Wits) / TEP (Trust & Estate Practitioner)

    Make an appointment with my Executive Assistant, Jutleth Mkhonza. Email  julie@mmtrustspecialist.co.za or call +27 (0) 11 783 0108.