Fiduciary Services

 

Preserve your wealth for generations to come by planning diligently.

Wills
Estate Planning and Administration
Trust Formation and Administration
Corporate Restructuring and Commercial Agreements

Sustainable and relevant solutions to ensure the longevity of your wealth.

Drafting of Wills (Local and International)

We provide Will drafting services to ensure that your intentions and wishes are properly recorded in a Will to ensure the protection of both your estate and beneficiaries.

Our services also entail that you are advised regarding whether you require one worldwide Will to deal with your assets or whether you require a foreign Will to deal with assets in a particular jurisdiction. You may require a foreign Will depending on several factors which include: how many jurisdictions your assets are situated across, the laws of the jurisdiction(s) in which your assets are situated and the size and nature of your assets in a particular foreign jurisdiction.

Leaving behind a clear and valid Will is also kind to your loved ones, by making the division and winding up of your deceased estate just a little bit simpler.

With so many challenges to deal with, it is understandable that worrying about what happens to our assets after we die is not one of our primary concerns. However, the avoidance of this topic can cause serious problems for your loved ones upon your passing. When you draft a Will, you are ensuring that those you love are looked after according to your wishes and that your assets are distributed in an efficient manner.

Estate Planning

Our estate planning services provide you with advice in order to anticipate and to arrange for the disposal of your estate, comprising of your worldwide assets, upon your death.

Such planning aims to ensure that, upon your death, the costs of your estate such as taxes and other expenses are minimised as far as possible, that your estate is liquid enough to settle such costs, that your loved ones have enough liquidity for their needs, and that any complications which may arise are eliminated.

Formation of Trusts

While trusts do not offer the same escape from high personal tax brackets that they once used to, they are still commonly used by families for estate planning purposes: as a tool for removing the growth in the value of assets out of a parent’s personal estate (so no estate duty is payable on those assets on that parent’s death) and providing a vehicle in which those assets can be managed for the benefit of their family members for generations to come.

There are very strict rules contained in our legislation that apply to trusts, including around how trusts are managed, how beneficiaries are added or removed, and how trust deeds can be amended. This makes it essential to have a thorough trust deed in place to provide these rules for the trust.

Trust Administration

All inter vivos trusts should have a professional, independent trustee on board, and be carefully administered, with the aim of avoiding adverse tax and legal consequences. We can assist with keeping the administration of the trust up to date.

Our responsibilities would include the following:

  • Ensuring compliance with the terms of the trust deed
  • Ensuring any applicable statutory requirement are adhered to
  • Arranging and conducting trustees’ meetings
  • Recording and circulating minutes of trustees’ meetings and decisions
  • Maintaining and safekeeping of the minute book
  • Determining the short, medium and long term income and capital needs of the beneficiaries
  • Preparing and maintaining an asset register
  • Procuring general tax advice relating to the trust, as required

Deceased Estate Administration

Our deceased estate administration services aim to assist you through the difficult time of losing a loved one by efficiently and effectively dealing with all administrative tasks associated with winding up a deceased estate.

Our service offering includes, simple and direct communication with persons handling the estate, regular updates and communication and investment of estate funds in an interest-bearing account.

Winding up of an Estate is a costly and time-consuming process and ensuring you have the correct professionals appointed is essential. The Fiduciary Institute of South Africa published the below table giving timelines for the length of time it can take for the winding up of an Estate.

The Estate Administartion Timetable

 

Admin Shortest possible time (days) Time if delays are experienced (days)
From death to reporting the death to the Master of
the High Court and handing in the Will
2 21
Waiting for the Master to issue letters of
executorship to the Executor
2 90
Placing the advertisement for debtors and
creditors
7 14
Advertisement time period 30 44
Time to finalise drafting the account and lodging
with the Master
7 60
Waiting for approval from the Master 14 90
Preparing to advertise the account 7 14
Advertisement period 21 28
Distribution of assets 30 180
Final requirements and final cash pay-out to
residual heirs
30 180
Total 150 721

Corporate restructuring and Commercial Agreements

Carrick’s in-house attorneys can assist with all aspects of corporate or commercial law that you may require, either in your personal life or in your private businesses.

We can provide advice regarding structuring the transaction and can attend to drafting or reviewing the relevant agreements to assist in completing it.

We believe it is important that you put the right contracts in place to protect you and your business if arguments or difficulties arise with the other parties. And if you are part of a company, we strongly recommend you ensure there are solid documents governing your relationship as directors / shareholders of it.

We can assist with, amongst other things:

  1. Drafting or Reviewing:
    • lease agreements
    • loan agreements (and related security agreements)
    • service level, consultancy or employment agreements
    • sale of shares agreements
    • sale of business agreements
    • shareholders agreements and memorandums of incorporation
    • supply and distribution agreements
    • black economic empowerment staff trust deeds
    • privacy and data protection terms and conditions
    • software development or licensing agreements
    • conveyancing (property transfer and private bond registrations)
  2. Advising on and implementing
    • mergers and acquisitions
    • funding transactions
    • employee ownership plans or structures
    • dispute resolution – through formal mediation
    • black economic empowerment ownership structures

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