Have you encountered one or more of the following challenges when it comes to trust and estate planning or administration?:
- Multiple trust structures are set up by trust practitioners, without the need for multiple trusts
- Bad drafting of trust deeds by so-called professionals
- Professionals such as accountants, lawyers and financial advisors are sometimes not well educated on trusts
- Accountants, lawyers and financial advisors do not work together
- Trust Companies either only provide certain services in isolation, and their systems are often manual, leading to mistakes
- Trustees often have no idea what is expected of them and nobody educated them about their roles and responsibilities
- Lack of discipline, process and compliance of trustees
- Trusts are not actively managed on an ongoing basis – lack of a bank account, tax registration, resolutions, minutes, accounting and tax returns
- Financial statements that look like a set of “farming statements”, with no tailor-making for trusts
The fact that 90% of trusts in South Africa are not compliant with trust law and regulation (due to bad drafting), making them null and void, illustrates the desperate need for trust owners to correct their trust deeds and for new trusts to be drafted with proper care.
The team at Trusteeze can help you to draft a new/amended trust deed, as well as your last will and testament, making sure that it meets all legal requirements, in alignment with your estate plan, and more specifically your trust.
Our solution includes a unique, online, seamless document storage, administration, banking, accounting and taxation platform for trusts. We proud ourselves in the fact that we do not have a vanilla, off-the-shelf, one size fits all trust deed that we copy and paste. We make an effort to truly understand your personal circumstances and requirements, and then draft the trust deed/s accordingly, paying the necessary attention to detail.
We act as an accounting company, as well as a trust company (structuring and administration); all in one; on the same platform.
Our services include the following:
- An assessment of your estate plan
- Drafting of your trust deed and will in accordance with your estate plan
- An assessment of your existing trust deed (where relevant), to determine if it even came into existence, and whether it is valid
- Amendment of your trust deed, if required
- Preparation of historical financial statements and taxation returns
- Preparation of historical asset registers, resolutions and minutes of meetings
- Guidance and disciplining of trustees on an ongoing basis
- An online, seamless document storage, administration, banking, accounting and taxation platform for trusts, where the following parties are connected through the system to ensure a seamless experience for the trustee – bank, trustees (including the independent trustee), accountant, beneficiaries and financial advisor (where permission is given by the trustees)
- Login per user type, with access and security limits per user type as follows:
- Trustees – execution rights
- Accountant – administrative rights
- Beneficiaries and other persons decided by the trustees – viewing rights
- Vault with all trust documents (trust deed, letters of authority, resolutions, minutes of meetings and other relevant trust documents and contracts) accessible by all trustees and other parties allowed viewing rights
- Guidance provided on the system to trustees regarding requirements for different transaction types, with pre-populated resolutions per transaction type
- A process to facilitate trustee meetings, including scheduling of meetings, agendas, a virtual meeting room (where meetings are recorded and transcribed as evidence) and minutes
- A cost effective bank account (each trust has to have a separate bank account), which serves as a platform from which administration is done and accounting entries are created.
- Transaction documents (resolution, agreement, etc) attached to a transaction that will serve as permanent audit trial
- Asset register updated automatically, where relevant
- Contractual future transactions are created automatically. When cash is received or paid from contractual arrangement, it is applied against accrued amounts. This functionality creates an automatic accrual accounting system.
- Recurring transactions are automatically allocated
- Other non-cash entries such as depreciation are automatically calculated and presented in the financial statements from a pre-populated entry form
- Users are disciplined to allocate each transaction and to attach relevant documents as an audit trial, before financial statements can be finalised
- Users are reminded of outstanding items to be allocated before financial statements can be produced
- Automatic tax calculation of taxes payable by a trust funder/donor, the trust and/or the beneficiaries
- Users sent email/sms reminders of statutory deadlines and requirements for trusts
- Real-time functionality to print financial statements/management accounts after each and every transaction, in the required format for trusts
- Finalisation of annual trust financial statements and submission of tax returns to SARS.
- Liquidity and solvency tests automatically done (which is a requirement before trust income/assets may be distributed to beneficiaries)