To ensure the validity of a trust, the trust donor must relinquish control of the trust assets to the trustees. As such, one of the first functions of the trustees is to identify the various assets of the trust, prepare an inventory of assets, and then take control of them.
An alternative to appointing a Curator Bonis or Administrator is to set up a Special Trust Type A, which is a trust created solely for the benefit of a person with a mental or physical disability which prevents him from managing his own financial affairs.
Investment markets are by nature volatile and accepting short-term fluctuations is an investment fundamental. Markets move in cycles through peaks and troughs and, as an investor, you need to be emotionally prepared to confront this reality without becoming fearful.
Most companies have taken a hit as a result of the coronavirus pandemic and national lockdown. Retrenchments are on the rise and unemployment is endemic. While your retrenchment may be upsetting, avoid taking it personally.
You will also need to budget for moving costs which can range between R5 000 and R25 000 depending on the contents of your home, your location and when you choose to move.
The economic value of a stay-at-home mom is typically undervalued. It is estimated that the average stay-at-home mom works around 97 hours per week performing multiple roles which include child-minder, au pair, nurse, teacher, psychologist, driver, cleaner, housekeeper, chef and logistics manager, amongst others.
Most life insurers, banks, unit trust companies and LISP platforms offer Tax Free Savings Accounts (TFSA) which are easily accessible and attractive to those wanting to reduce their tax liability, and fees will vary from provider to provider.
When it comes to money, controlling your emotions is more than just resisting the need for instant gratification. Making good economic decisions is highly dependent on us being able to control our emotions, including the psychological and cognitive biases that are hardwired within us.
If you applied and were granted life cover as a smoker and have subsequently quit smoking for a period of 12 months or more, it is definitely worthwhile approaching your insurer to have your premiums reviewed.
The ownership of an asset by a trust can protect a family’s assets from potential creditors. Further, such an asset will not fall into the personal estate of the beneficiary and will therefore also be protected from the beneficiary’s creditors.