trust donor
In December 2022, there were further stringent amendments made to the Trust Property Control Act, including a change in the trustees reporting and the introduction of a new definition of ‘beneficial owner’.
If you intend setting up a trust, do not underestimate the importance of choosing appropriately skilled trustees to manage the trust assets, keeping in mind that the job a trustee is an onerous one that should not be taken lightly.
Key to the validity of a trust is that the trust founder relinquishes full control of the assets transferred to the trust. It must be clear that the trust founder hands over control of the assets to his nominated trustees
The type of trust you intend to register will hinge on the estate planning objectives that you hope your trust will achieve. For instance, a family trust can be used to house and protect property or assets intended for future
While trustees are able to outsource the accounting functions of the trust, keep in mind that they remain responsible for the management of the trust assets. This includes keeping separate records of the trust assets, preparing annual financial statements, investing
It is possible for the trust founder to set up an inter vivos trust to ensure that certain assets are protected for the benefit of family members through the generations. In such a situation, where the trustees are all beneficiaries
A family trust is generally set up as a living trust to house and protect assets for the benefit of family members across multiple generations. As such, the trustees of family trusts are family members, as are the beneficiaries. It
