Protect your legacy with a family trust
Trusts have once again come under the spotlight with the latest legislative changes and compliance requirements for trustees of SA trusts. In light of all these requirements which may be costly and time-consuming, the question is asked whether there are advantages to keep the SA trust in place. A discretionary trust, founded by […]
Are you a trustee? Urgent attention required
Amendments to the Trust Property Control Act and new reporting requirements introduced by SARS to enhance transparency, reporting and compliance and to comply with recommendations from the Financial Action Task Force (FATF) to eventually get South Africa off the grey list, mean an onerous and huge burden on trustees. Firstly, trustees have to collect, […]
Estate planning top of mind in 2023!
2023 has arrived and we are enjoying a “mask-less freedom” in South Africa. We have read a book or two that was on our reading list over the holidays on rainy days at the coast, we have indulged in a good dose of vitamin D in the summer sun, ate too much over the festive […]
Pitfalls to look out for when SA Trusts provide funds to individuals to externalise
When liquidity is available in a SA Trust to provide funding to SA individual beneficiaries to externalise by way of, for example, their foreign investment allowances, unforeseen pitfalls can arise when the planning is not done meticulously. To the extent that an individual is a capital and/or income beneficiary of a SA discretionary trust […]
The benefits of a trust
A trust is an entity that is formed to hold, manage, and apply assets to the benefit of specific entities or persons, or towards achieving a certain objective. There are many benefits that can be gained from a trust, depending on the circumstances. Some of these benefits may include the following: 1.The Protection of […]
What is a dry trust, and when is it beneficial to have in place as part of your estate plan?
A Dry trust, also referred to as a ‘passive trust’ or “freezer trust” can be a very useful international estate planning tool. Given the many complexities in establishing an international testamentary trust, the dry trust is a cost effective alternative as it allows the settlor to bequeath offshore assets to the trust upon death, and […]
When does an heir have a right to their inheritance
When you loved one passes away and you have been bequeathed an asset in their will that does not mean you automatically become the owner of the inherited asset or have a right to the inherited asset on date of their death. Section 35(12) of the Administration of Estates Act 66 of 1965 states […]
Amending a trust deed: Pitfalls and solutions
When trustees wish to amend a trust deed, in light of changes in legislation or circumstances, they have to consider the terms of the amendment clause in the trust deed. They may find one of the following scenarios in reading the trust deed to determine whether the deed may be amended, who the parties […]
Why it is important to speak to your children about your estate plan
By Tamryn de Villiers Generally no one wants to talk about death and this conversation might be especially difficult and uncomfortable to have with your children. However, it is vitally important to discuss your estate plan with your children and explain why you have chosen to do things in a certain way. This will […]
Update on the new SARS High Net Worth division from Judge Dennis Davis
Fidelis Vox recently attended a webinar in which the retired Judge Dennis Davis gave an update on the new High Net Worth division in the South African Revenue Service (“SARS”) and the effects of the implosion of the offices of the Master of the High Court. The honourable Judge joined SARS on a more permanent […]