trust founder
When contemplating a trust structure, do not lose sight of the fact that running a trust adds a layer of complexity and costs to your financial affairs. When setting up a family trust, keep in mind that you will be
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
Given the fact that you will be relinquishing control of your assets, you need to ensure that your trustees have the requisite skill and expertise to manage the trust assets. Remember, if you are setting up a family trust, you
The child’s guardian (or tutor, curator or person looking after the child) is able to claim from the Guardian’s Fund to cover costs such as school and university fees, clothes, medical aid premiums, food, maintenance and any other costs that
A trust can also be used effectively to provide financially for children with severe mental or physical disabilities and who, as a result of their disability, are unable to manage their own affairs. In a situation where a child has
It is important that you give careful thought to those you intending to nominate as trustees as you will effectively be entrusting them with an enormous responsibility – keeping in mind that you will no longer be around when their
Trustees have a fiduciary duty to manage the trust assets in the interests of the beneficiaries and in line with the terms and conditions set out in the Will. It is essential to nominate trustees who have the knowledge and
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
The trustees that you appoint will have a fiduciary duty to manage the trust assets in the best interests of the trust beneficiaries, and it is therefore important to choose your trustees wisely. Ideally, you should consider someone who has
