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.
- 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:
Review your trust document and outline your duties and responsibilities.
Review trust documents for compliance with current trust laws and tax legislation.
Amend a trust deed – where necessary – to bring it into line with current tax and trust laws.
Prepare trust resolutions for approval and signature by trustees in a duly convened trust meeting.
Advise on proper trust administration.
Advise beneficiaries of the nature of their rights under a trust.
Advise on the distinction between the various forms of trusts.
Draft trust deeds.