If you do not have a trust:
- Is your personal estate worth more than R 3 500 000 (or R 7 000 000 for a married couple)?
- Do you have any large assets in your personal name that may be exposed to any creditors, such as SARS or a soon-to-be-ex-spouse?
- Do you have minor children?
- Are you a business owner?
- May you be at risk to develop a disorder, such as Alzheimer’s Disease, and not being able to look after your own affairs?
If you have answered “Yes” to one or more of the above self-assessment questions, we will, upon your request, gladly introduce you to one of our professional trust service providers utilising the Trusteeze Platform, who may assist you to create a trust.
If you do have a trust:
- Was the trust registered after 2016? If registered before 2016, was it ever amended to make provision for legislative changes?
- Does the trust deed contain a “severability clause” severing any possible illegal provisions in the trust deed?
- No circumstances have changed that warrant an amendment of the beneficiary definition or an amendment of the trust deed.
- There is no testamentary reservation in the trust deed.
- The founder does not have any reserves rights in the trust deed that may indicate control of the trust or a lack of intention to create a trust.
- Does the trust have a bank account, and if so, are all trust related payments made from this bank account and not from the credit card or bank account of the estate planner/trustee? Was the initial donation (if an amount in cash) in terms of the trust deed paid into the trust bank account by the founder?
- Is the trust registered for Income Tax and are all relevant tax returns submitted to SARS?
- Does the trust deed require trustees to meet (sometimes at least once a year) and do the trustees have written signed minutes of these meetings as proof?
- Do the trustees have signed resolutions by all trustees for every transaction in the trust?
- Does the trust have an asset register as required in terms of the Trust Property Control Act?
If you have answered “No” to one or more of the self-assessment questions, we will, upon your request, gladly introduce you to one of our professional trust service providers utilising the Trusteeze Platform, who may assist in getting your trust compliant to protect the trust against attack.