- Inter Vivos (Living) Trusts: These are created during the lifetime of a Settlor.
- Testamentary Trusts: These trusts are created upon the death of the Settlor.
- Discretionary Trust: Trustees have discretion in determining the way in which the assets within the trust are allocated to the beneficiaries, who have contingent rights to the assets.
- Vested Trust: Benefits awarded to the beneficiaries are predetermined and Trustees are not afforded any discretion. Beneficiaries have vested rights to the assets within the trust.
- Family Trust: Created mainly for the benefit of the family members of the Settlor.
- Charitable Trust: Established for charitable purposes and may be exempt from taxation.
- Special Trust: Created either for the benefit of minors (testamentary) or a person with a disability.
MMS Trust Services was founded in 2008 and specialises in providing all accounting and tax related services for trusts. For more information about our division, please visit our website (www.mmsgroup.co.za), or contact us on firstname.lastname@example.org or 011 672 0020 / 021 300 4089 for more information.
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