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From monthly archives: September 2021

We are pleased to present below all posts archived in 'September 2021'. If you still can't find what you are looking for, try using the search box.

Trusts in South Africa – A Basic Guide for Trust Founders, Trustees & Beneficiaries

Not all people who find themselves having to deal with Trusts understand what it is all about, therefore in this brief discussion we will highlight the prominent issues that one has to familiarise themselves with in order to safeguard their interests when dealing with a Trust.

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What is a Trust and What is it Not?

The essence behind a Trust is for the Trust to own property in its own right so that such property does not form part of the estate of the Trust Founder. A Trust, however, does not have legal personality. The Trust can therefore acquire and accumulate properties and assets as a separate entity from the Trust Founder and persists even after the Trust Founder has passed on.

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Yes, an Executor May be Removed – Under These Circumstances

The responsibilities of an Executor are fiduciary in nature and thus the Executor must at all times be honest, diligent, truthful as well as to see that the process is endowed with fairness and compliance. In the event that the Executor conducts themselves in a way that is detrimental to the proper administration of the deceased estate, there are provisions for the removal of such Executor.

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Under Which Grounds may the Validity of a Will be Challenged?

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).

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Ready to Put Your Will in a Will? Here are Some Things to Note

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.

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Signing on Behalf of a Trust – A Checklist

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.

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How is a Trustee Removed? Our Attorneys Answer

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.

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As a Trustee – Where Authority Begins and Ends

The assumption of a position or office comes with specific responsibilities and duties. The anticipation is that the bearer will perform the duties as required and expected, within set confines. These parameters are what define roles so as to achieve coordinated and oriented outcomes.

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Acting on Behalf of a Trust – The Enforceability of Trustee Action Prior to Authorisation

The issuing of the Letter of Authority as Trustee by the Master of the High Court signals the assumption of office as Trustee to the designated party. It is at this point that the responsibilities, authority and duties as a Trustee begin to be binding and effective.

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