A trust is an efficient way to make sure that your assets are looked after. A trust is an agreement between trustees and the owner of the assets, where the trustees take care of the assets so that it could benefit the appointed beneficiaries.
A family trust registration is a contract between two persons (The founder and the trustees) for the benefit of the third, called the beneficiary.
The document to set this up is called a trust deed and stipulates how the trust assets need to be administered. A trust that is setup during the lifetime of the founder is called an intervivos trust. Most family trusts are intervivos trusts and also discretionary trusts, meaning that the trustees have discretion as to how the trust will be administered in the best interest of the beneficiaries.
Some advantages of family trusts are asset protection, save on estate duty, income tax, capital gains, carry on a business and many more. To register your own family trust, complete the online application below and follow the instructions.
In order to register a trust, the following documents and information are required:
• Number of trustees/founders
• Number of beneficiaries
• Certified ID copies/birth certificate of trustee/s and beneficiaries
• Location of assets (FNB, Standard Bank, etc.)
• How long will the trust duration be?
• The auditor/accountant and his/her certified ID copy
• Postal and physical addresses
• Contact details (cell phone numbers email, etc.)
• Company documents (if the beneficiaries or trustees are juristic persons)
• Trust deed (which will be drafted by us and sent to customers for signage)
Trust Registration application process could take 20-40 working days. The process could take longer if there are any delays due to system errors or workload with the Department.
Once the Trust Registration is complete, you will receive the following documents:
• A Letter of Appointment (J246)
• Trust Deed
To get started with your Trsut Registration Application:
Email sales@eBucket.co.za the above required documents