When a person draws up a Will, a clause is added for the protection of the interest of minors and other dependants who are not able to look after their own affairs. These types of trusts come into being only after the death of the testator.
The trust is administered by trustees appointed in terms of the Will, and is usually ended after a predetermined period or at a determined event like a minor turning 18 or the death of an income beneficiary.
Assets owned by the deceased may be moved to the trust, in terms of the Will. A testator appoints the trustees in his/her Will.
Living trusts are ideal for pegging the value of your estate and are thus a superb medium to limit estate duty and to protect assets from generation to generation. A living or inter vivos trusts comes into being during the lifetime of a person by having a trust registered at the master of the high court and transferring assets into this trust.
Edge can assist you with this process.
Contact us for any assistance.
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