CAPE TOWN - Much has been published in the media of late regarding the use of trusts in South Africa and their perceived relevance, all amidst ongoing attacks from Sars.
Many estate planners are in the dark, especially because many have never made an effort to understand how trusts are supposed to be managed in South Africa, often leaving the management thereof to trust practitioners.
This has led to many estates being exposed, both during estate planner’s lives, and upon their deaths.
To guide individuals and estate planners to take charge of their financial affairs, Phia van der Spuy, the chief executive of TrustEeze, will be discussing a number of relevant topics on trusts with our readers, in print and on-line, every second week.
These articles will educate laymen and estate planner on all aspects of trusts in a user-friendly, understandable manner.
The first article will be published on Wednesday.
Topics will include: Myths about trusts; Why to consider a trust; How a trust would fit into your estate plan; Requirements for a trust; How to move assets into a trust; Assets to be held in a trust; Trusts and divorce; Trustees' obligations; Beneficiaries’ rights; Requirements to properly administer a trust; Disadvantages of trusts; Taxation of trusts in South Africa.
Adri Senekal de wet is the Executive Editor at Independent Media Business Report.