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A Will is designed to capture the wishes of the deceased with regards to how they prefer their estate to devolve to the nominated heirs. Such Will contains instructions as to how assets must be distributed to the heirs under that estate and in some instances, who must preside over such process (Executor).
Read More ...Posted by Cor van Deventer on Monday, September 13, 2021 Views: 13
The importance of putting wishes in a Will can never be overemphasised. Amongst many other benefits, it provides for an easy and clear process of devolution of the estate of the deceased with less or without disputes.
Read More ...Posted by Cor van Deventer on Friday, September 10, 2021 Views: 10
In terms of the Trust Property Control Act 57 of 1988 (the Act) the definition of a Trust can be paraphrased as, a design whereby a person’s ownership interest in assets is, by way of a trust instrument, put under the care, control and trust of other persons referred to as Trustees and/or beneficiaries, for the benefit of nominated beneficiaries.
Read More ...Posted by Cor van Deventer on Wednesday, September 8, 2021 Views: 13
The essence behind a Trust is the transfer of ownership of property from the Trust Founder to the Trust, while putting its control under the Trustees, for the advantage of the beneficiaries. The duties and responsibilities of the Trustees are fiduciary in nature and as such they must perform them with good faith, honesty, diligence, skill and uphold the best interests of the Trust and its beneficiaries.
Read More ...Posted by Cor van Deventer on Tuesday, September 7, 2021 Views: 13