Deregistration or Terminating a Trust - Attorneys Johannesburg

 

Deregistration or Terminating a Trust

How to deregister or terminate a trust

The Trust Property Control Act does not allow for the deregistration of trusts, as this is an internal administrative action to facilitate the management of trust files in the Master's office.

However, the common law makes provision for the termination of a trust, but only in the following circumstances:

  • by statute
  • fulfilment of the object of the trust
  • failure of the beneficiary
  • renunciation or repudiation by the beneficiary
  • destruction of the trust property
  • the operation of a resolutive condition

If the trust can be terminated on one of the above grounds, the Master will deregister that trust.

Termination of a Trust

For the termination of a trust, the following documents are required:

  • The original letter of authority.
  • Bank statements reflecting a nil balance on the final statement.
  • Proof that the beneficiaries have received their benefits 

Upon receipt of the above documents, the Master will deregister a trust which has been terminated. Please note that the above documents must be lodged with the Master with whom the Trust has been registered.

Van Deventer & Van Deventer Incorporated - Trust Attorneys Pretoria

Please contact Van Deventer & Van Deventer Incorporated for assistance with de-registration or termination of a trust.

[Title]Expenses Associated with Managing a Deceased Estate

A crucial responsibility of the appointed executor is to diligently account for the debts and obligations within the deceased individual's estate. It is important to note that the heirs and beneficiaries can only receive their respective inheritances once all the estate's liabilities have been settled.

Read More ...
Posted by Cor van Deventer on Thursday, May 25, 2023 Views: 1988


[Title]Transferring a Deceased Estate in South Africa

Throughout a person's life, they will accumulate a variety of assets and obligations. These assets can range from tangible items such as property, vehicles, and furniture to liquid assets like cash. On the other hand, liabilities may include home loans, personal loans, and retail accounts.

Read More ...
Posted by Cor van Deventer on Thursday, January 5, 2023 Views: 1717


[Title]Buying Property from a Deceased Estate

Property practitioners are often involved in marketing property which is an asset in a deceased person’s estate. However, buying from a deceased estate can deter buyers or investors from pursuing the purchase because such transfers are known to take longer than usual to finalize.

Read More ...
Posted by Cor van Deventer on Tuesday, August 16, 2022 Views: 1908