HOW IS A TRUST REGISTERED
We obtain the required information from you and draft the documentation that is required.
We then arrange signature with you and lodge the documents at the Master of the High Court, who will issue a Letter of Authority which will state the names of the Trustees and the registration number of the Trust.
INTER VIVOS TRUST VERSUS A TESTAMENTARY TRUST
An inter vivos (in life) trust is registered during a person’s lifetime.
It is a very good mechanism to protect assets, reduce tax liabilities and estate duties after death.
In business, a trust ensures continuity, because if the trust hold the shares of a company or the membership of a close corporation, if a member or shareholder dies, the death does not affect the business as the trust is not affected by the death of a trustee or a beneficiary (unless there is only one beneficiary of courses).
A testamentary trust is created in a will and this trust is only registered after the death of the testator or testatrix.
Testamentary trusts are usually created in a will to make provision for minor children that stand to inherit from the testator or testatrix. Trusts can also be created in wills for other reasons, such as nature conservation or charity. Each will is unique and depending on the requirements of the person making the will, the instructions regarding the registration of a testamentary trust will be contained in the will itself.
WE WILL ADVISE YOU ON THE BEST TRUST TO REGISTER