Ensuring your family’s future financial security is usually done by setting up a Trust. Parents, guardians or grandparents may opt to set up a Trust by placing their assets into it which is will be for the benefit of their beneficiaries – usually their children or grandchildren.
The transferred property that appears in the Trust should be in accordance with the Trust Property Control Act no 57 of 1988. This Act states that responsible Trustees should be appointed to manage the Trust’s assets for the benefit of the beneficiaries. Setting up a Trust is a safe alternative to the Guardian Fund of the Master of the High Court (governments claim process) which is lengthy and involves significant red tape.
10 Important considerations in setting up Trusts
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