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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    Home Intro

    WINDING UP A DECEASED EST...

     

    WINDING UP A DECEASED ESTATE

    WINDING UP A DECEASED ESTATE

    A Will stipulates what should happen to your estate when you die.  An estate refers to all the assets (material wealth) and liabilities (debts) you have acquired during your lifetime.

    When a person dies, all estate assets are subject to the winding up process determined by the Administration of Estates Act, 66 of 1965. It involves having an executor appointed by the Master of the High Court; the executor is legally bound to adhere to prescribed processes and submit all applicable documents to the regional Master’s offices. This takes time and involves costs.

    What most people do not know is that the distribution of assets can be separated from the Will. That way, distributions to heirs are not affected by any legal deceased estates processes or bottlenecks at the Master’s offices (currently estimated to be between one and three years). The uninterrupted flow of financial support to families when their bread winners die is an incalculable benefit.

    To achieve this benefit, create a Discretionary Living Trust. Once the assets designated in the Trust Deed are transferred into the Trust, they are ‘owned’ and controlled by the Trustees. The crucial distinction is that the Trustees assume ownership, but not enjoyment of the assets. Since the estate no longer owns the assets, the arduous deceased estates winding up process is bypassed.

     

    Simplify everything.

    • You have access to the assets while you are alive.
    • There is no waiting for funds to be released to your family when you die.
    • Your assets are protected from opportunists.
    • Your legacy will continue unhindered.
    • Your passing will not incur estate duty.

     

    For more information, refer to the PERSONAL & FAMILY APPLICATIONS section. Greater detail can be found in the ‘Trusts & Wills’ and ‘Trusts & Deceased Estates’ articles.