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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.
Trading trusts, asset protection trusts, settlement trusts, charitable trusts as well as special trusts are all aimed at ensuring the security of the purpose for that which that Trust was set up for. In terms of deceased estates, a Trust can be set up to secure inheritance for the benefit of heirs.
The sale of the assets is one of the most prominent ways of distributing assets. However such sale needs to be at market value, which can be achieved by getting two different valuations and declaring the average. However, the sale of assets such as property and company shares will invite Transfer Duty and Capital Gains Tax.
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