Trust Assets

Trusts are commonly used by families for estate planning purposes as it serves as a vehicle in which assets can be managed for the benefit of family members for generations to come. 

There are very strict rules contained in our legislation that apply to trusts, these include how trusts are managed, how beneficiaries are added or removed, and how trust deeds are amended. This makes it essential to have a well-drafted trust deed in place and trustees that are familiar with trust legislation and the administration of trusts. 

All inter vivos trusts should have a professional, independent trustee onboard, and be carefully administered, with the aim of avoiding adverse tax and legal consequences. 

A trustee’s responsibilities would include the following:  

  • Ensuring compliance with the terms of the trust deed  
  • Ensuring that all applicable statutory requirements are adhered to  
  • Arranging and conducting trustee meetings   
  • Recording and circulating minutes of trustee meetings and decisions   
  • Maintaining and safekeeping of the minute book   
  • Determining the short-, medium- and long-term income/capital needs of the beneficiaries  
  • Preparing and maintaining an asset register in respect of trust assets  
  • Procuring general tax advice relating to the trust, as required   
  • Ensuring that proper financial statements are prepared on an annual basis 
  • Ensuring tax compliance 
Our services in the trust silo include: 

  • Drafting & registration of new trusts
      • Inter vivos (family) trusts
      • Public benefit organisation trust (charitable trusts)
      • Broad-based black economic empowerment (B-BBEE) trusts  
      • Employee share trusts 
      • Bottom Drawer Trust / Dormant Trust 
  • Professional independent trusteeship 
  • Trust administration 
  • Trust amendments – trustees, trust deeds 
  • Trust audits 
  • Termination of trusts 

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