Take care of your family’s needs and protect your wealth for generations to come – even when you’re gone.
In South Africa, there are strict requirements for drafting a will. Dying without a valid will means that your loved ones may not benefit from your estate, and they could be disinherited if they are not catered for in terms of the intestate laws (that is, laws pertaining to dying without a valid will).
Similar to changing your financial plan when life-changing events occur, it is equally, if not more, important to update your will when any significant life events* occur. These include:
A trust is a means to take care of loved ones (beneficiaries) who are unable to do so for themselves, such as minors, mentally incapacitated or disabled dependants. There are also those who require assistance to manage money and assets.
Trusts are also used to protect growth assets such as property and shares from growing in one's personal name, to minimise taxation. However, a trust must be carefully considered and implemented to avoid unnecessary taxes and costs defeating its intended purpose.
The founder transfers property into a trust for wealth creation and protection for the benefit of named beneficiaries. A third party, known as a trustee, administers the trust on behalf of the beneficiaries in accordance with the trust deed.
The trust deed can be amended with the approval of the trustees who are independent and acting in the best interests of the beneficiaries.