Trust Administration Services
Establishing and Administrating a Trust
Managing trusts can be complex, but our expert team is here to help. We specialise in setting up and administering both testamentary and inter vivos trusts, ensuring your assets are managed and distributed according to your wishes.
Recent South African Legislation
Recent amendments to the Trust Property Control Act 57 of 1988, effective from 1 April 2023, introduced new requirements for trust administration in South Africa. These changes aim to enhance transparency and compliance, particularly regarding anti-money laundering and preventing the financing of terrorism. Trustees are now required to:
- Establish and maintain beneficial ownership registers (detailed records of the beneficial owners of trusts, including their names, dates of birth, contact details, and tax numbers)
- Comply with reporting requirements (annual detailed submission to the South African Revenue Service (SARS) to accurately report all demographic and financial data)
Keeping abreast of the latest legislative changes enables our team to provide you with legally sound advice, ensure compliance, and avoid hefty penalties.
Our Fields of Specialisation
- The set-up, registration and administration of testamentary trusts: A testamentary trust is created through a will and comes into effect after the death of the testator/testatrix. It is often used to manage and distribute assets to beneficiaries, such as minor children, over time. We ensure that your wishes for your beneficiaries’ financial security and sound asset management are honoured.
- The set-up, registration and administration of inter vivos trusts: An inter vivos trust, also known as a living trust, is established during the lifetime of the grantor. We ensure that your provisions for effective estate and asset protection are executed.
- Trust audits: Regular trust audits are essential to ensure compliance with legal requirements and verify the accurate management of trust assets. Our comprehensive trust audit services involve the review of financial records to ensure transparency and accountability. We ensure your trust’s integrity and provide you with the peace of mind that your assets are managed responsibly.
- Replacement of and amendments to trust deeds: Whether due to changes in legislation or personal circumstances, a trust deed can only be amended or replaced through a legal process. The new or amended deed must comply with the latest legal standards and accurately reflect the wishes of the testator/testatrix or grantor. Our expert team manages the entire process with seamless efficiency.
- Deregistration of trusts: When a testamentary or inter vivos trust is no longer needed, deregistration may be necessary. Our team deregisters trusts and ensures that all legal requirements are met to eliminate potential complications.
- Copies of letter of authority or trust deed: The letter of authority or trust deed is an essential legal document. Our team will guide you through the process of making a written application to the Master’s office where the trust is registered. We ensure that all necessary documentation is submitted correctly, and we follow up to obtain the required copies.
