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]Giving to cea-SARS what belongs to cea-SARS – Estate Taxes

Although the administration of a deceased estate involves the distribution of benefits to legatees and beneficiaries, the law also requires that applicable taxes and deductions be made before any distribution can be made.

It is important that deductions and taxes are taken into consideration during estate planning and when a will is drawn as this is a complex process especially when the concerned has died.

Read More ...
Posted by Cor van Deventer on Thursday, November 5, 2020 Views: 66


[Title]Trusting a Trust - Avoiding Beneficiary Problems in Setting up a Trust

Setting up a trust is aptly a trusted way to secure inheritance for the benefit of beneficiaries.

A trust can be described as either an inter vivos trust (living trust) which is set up during the life time of the trust founder, or a testamentary trust whose set up is provided for in a will, to be set up when the testator passes away.

Read More ...
Posted by Cor van Deventer on Wednesday, November 4, 2020 Views: 63


[Title]Executing a Will During Lockdown in South Africa – Is it Possible?

Many South Africans are wondering if executing a will during lockdown is possible and, if so, how can it be done while meeting all the legal requirements? Here are some tips on executing a will during lockdown.

Read More ...
Posted by Cor van Deventer on Tuesday, May 12, 2020 Views: 516


CloseCOVID-19 Corona Virus South African Resource Portal