Are you thinking of having a trust created? This is a must-read article if you would like to know more about what trusts are. Carry on reading on below to learn more.
Take a look at these essential points.
A trust permits a person to hold assets for the trust beneficiaries’ benefit. It is important to note that a trust has be registered with the Master of the High Court in the pertinent jurisdiction where the trust’s assets are located.
What else should you keep in mind?
Consider these reasons for having trusts:
- A trust can be utilized to hold and protect your personal or business assets.
- A trust may be utilized to hold shares in a business.
- Properly created trusts can assist in protecting your estate from your heirs’ creditors or from your beneficiaries who might not manage money well.
- You can set up a trust for charitable purposes.
- A trust can also be set up to protect and preserve assets for the next generation.
- Here is a tip when you need to select your trustees. Select your trustees properly. By doing so, you can guarantee professional asset and investment management.
- With a trust, you can have some control over the assets in the trust after you have pass away, through your trustees.
- A trust might lessen the emotional stress on your family when you pass away as it is going to still carry on.
These are all very important reasons why you should consider having trusts set up. There are a lot of advantages to having a trust set up.
Now that you know more about what a trust is, you can think about whether or not you would like to have one set up. Make a decision about setting one up. Make sure to speak to a trusted trust specialist if you would like to have your trust created. There are many great reasons for you to create a trust. Setting up your trust can be beneficial for a lot of reasons.
DR MERVIN MESSIAS
JD (Juris Doctor) / BA, LLB (Wits) / TEP (Trust & Estate Practitioner) / MTP (Master Tax Practitioner – S.A)