What Does Being a Trustee of a Body Corporate Entail? (Part 1)
When all the trustees of a body corporate resign, the options available to the owners include the appointment of: a) replacement trustees at a special general meeting. b) an executive managing agent at a special general meeting or approaching the Community Schemes Ombud service to do so. c) appointment of an administrator by way of […]
When Is a Trust Not a Trust?
When can the provisions of a trust deed be set aside? When you don’t stick to the rules. Far too many people pay their accountant or attorney a visit, draw up a boilerplate trust deed, sign on the dotted line, and think that this piece of paper will take away all their tax and estate […]
Navigating the amendments to the Trust Property Control Act: Beneficial ownerships in South Africa
The Trust Property Control Act, a key piece of legislation governing South Africa’s trusts, recently underwent a substantial transformation with the passage of the General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Act. This regulatory overhaul was aimed at strengthening the country’s trust governance, a direct response to its greylisting status, and has significant […]
Responsibility to maintain and repair foundations and boundary walls in a Sectional Title Scheme
This article will briefly consider the definitions of common property vis-à-vis sections in terms of the Sectional Titles Schemes Management Act 8 of 2011 in order to establish who must maintain what in sectional title scheme developments. Many residential developments in South Africa are established in terms of South Africa’s sectional title scheme legislation. Residents […]
Testamentary trusts still have their place
How you can protect your assets from predators including SARS Trusts have received a lot of bad press over the past few years, what with SARS taking a dim view of the use of trusts as a means of avoiding tax. A 2008 case involving a property trust, where the beneficiaries were changed in the […]
How to register an inter-vivos trust?
In South Africa there are mainly two types of trusts that are registered. An inter-vivos trust can be created between living persons, and a testamentary trust is created in the will of a deceased. An inter-vivos trust is registered at the office of the Master of the High Court in whose area of jurisdiction the […]
The advantages and disadvantages of trusts
Trusts have various advantages, but unfortunately there are also disadvantages. Although this is not a complete synopsis of all the pros and cons, it gives a general overview of what’s involved. Advantages: Growth taking place in the Trust assets settles in the Trust and not in your personal estate. By selling the assets to the […]