A Personal Will Cannot Run a Business
For many business owners, estate planning ends with a personal will. The house, vehicles, savings, and personal belongings are dealt with neatly, while the business is mentioned briefly, if at all. That creates a serious gap in your continuity plan. A business is not just another asset in an estate. Shares, directorships, signing powers, shareholder […]
Should You Step Up? The Reality of Becoming a Trustee
For many property owners in South African sectional title schemes, the Annual General Meeting (AGM) is a routine formality. But when the call for nominations goes out, you might find yourself wondering: Should I become a trustee? It is an act of service that keeps a co-existing community functioning, yet it is far from a […]
CGT and Unit Trusts: When Are You Liable?
What are the Capital Gains Tax implications of investing in unit trusts? Unit trusts, or collective investments to give them their proper name, have long been popular investments, particularly for the ordinary investor. The main reason for this is that for a fairly small amount of money, one can gain access to a fairly diversified […]
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: If, for example, you have been nominated by an owner to stand for election as a trustee to continue managing the scheme, you may want more information before deciding whether to accept the nomination. This may […]
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 […]