Trusts

A useful estate planning tool, provided you understand what it is, and why you have it.

Let’s assume you “have a trust”. What do you actually mean by that? Are you a founder, a trustee, or a beneficiary – or perhaps all of the above? And what kind of a trust it is? A discretionary family trust? A vesting testamentary trust? A discretionary testamentary trust? A business trust? A bewind trust? A special trust?

Yes, there are that many types of trusts, and it’s pretty important that you understand which type you are dealing with.

If you are a beneficiary of a trust, do you know what your rights are? If you are a trustee of a trust, do you know what your duties and responsibilities are? A trustee’s duties can be onerous, and failure to comply with those duties can backfire badly.

I’ve listed below a few of the common law duties of a trustee, just to remind you.

The duty:

  • of administration of trust property
  • to give effect to the trust deed
  • to preserve trust property
  • to make trust property more productive
  • of active supervision and enquiry
  • to avoid risk
  • to transfer income and capital to the beneficiaries
  • to maintain correct accounts and records of administration
  • to act jointly
  • to always be impartial

I am here to help you.

As part of my services, I will:

wtfdivi014-url4

Review your trust document and outline your duties and responsibilities.

wtfdivi014-url5

Review trust documents for compliance with current trust laws and tax legislation.

wtfdivi014-url6

Amend a trust deed – where necessary – to bring it into line with current tax and trust laws.

wtfdivi014-url7

Prepare trust resolutions for approval and signature by trustees in a duly convened trust meeting.

wtfdivi014-url8

Advise on proper trust administration.

wtfdivi014-url9

Advise beneficiaries of the nature of their rights under a trust.

wtfdivi014-url10

Advise on the distinction between the various forms of trusts.

wtfdivi014-url11

Draft trust deeds.