Safeguard Your Assets and Legacy
Trusts
01
What are Trusts?
A trust is a legal arrangement where you, the settlor, transfer ownership of assets (property, money, investments) to a trustee. The trustee then manages these assets for the benefit of beneficiaries you designate, according to your wishes outlined in a trust deed. Trusts offer a flexible and powerful tool for estate planning, asset protection, and ensuring your legacy is managed according to your desires. At Engelsman Magabane Incorporated, our team of trust experts can guide you through the process of creating a trust that meets your specific needs and provides peace of mind for you and your loved ones.
02
South African Law and Trusts
The legal framework for trusts in South Africa is established by the common law and supplemented by specific legislation, such as the Income Tax Act 56 of 1981. Trusts are recognized as separate legal entities, distinct from the settlor, trustee, and beneficiaries. There are various types of trusts available, each with its own purpose and tax implications. Common types include:
- Testamentary trusts: Established in your will, taking effect upon your passing.
- Inter vivos trusts: Created during your lifetime, offering more flexibility and control.
- Discretionary trusts: Granting the trustee discretion in distributing income and capital to beneficiaries.
- Special trusts: Designed for specific purposes, such as trusts for disabled beneficiaries.
03
Trust options
The process of creating a trust typically involves these steps:
- Consultation: Discuss your goals and objectives with Engelsman Magabane Incorporated to determine the most suitable trust type for your needs.
- Trust Deed Drafting: Our legal team will draft a comprehensive trust deed outlining the terms of the trust, the powers of the trustee, and the rights of the beneficiaries.
- Asset Transfer: Transfer ownership of the designated assets to the trust.
- Trust Registration (optional): Certain types of trusts may benefit from registration with the Master of the High Court.
04
Consultation Process
At Engelsman Magabane Incorporated, we understand the importance of careful trust planning. We offer a comprehensive range of trust services:
- Expert Advice on Trust Options: We will guide you in selecting the most appropriate trust type to achieve your desired outcomes.
- Tailored Trust Deed Drafting: Our lawyers will draft a watertight trust deed that reflects your specific wishes and protects your assets.
- Tax Efficiency Considerations: We ensure your trust structure is optimized for tax efficiency.
- Trustee Selection & Guidance: We can assist you in appointing a trustworthy trustee and provide guidance on their duties.
- Ongoing Trust Administration Support: We can offer ongoing support with trust administration matters.
05
Why Choose Engelsman Magabane Incorporated?
Choosing Engelsman Magabane Incorporated provides several advantages:
- Experienced Trust Law Specialists: Our team possesses in-depth knowledge of South African trust law and extensive experience crafting effective trust structures.
- Protecting Your Legacy: We prioritize safeguarding your assets and ensuring your wishes are carried out after your lifetime.
- Client-Centered Approach: We take the time to understand your unique family dynamics and financial goals.
- Clear Communication & Transparency: We keep you informed throughout the process and address your questions promptly.
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Frankel Engelbrecht
B.Com LLB University Of Stellenbosch
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Have Questions?
Don’t leave your assets and legacy to chance. Contact Engelsman Magabane Incorporated today. Schedule a consultation to discuss your trust options and create a plan that secures your wishes for the future.