Beneficiaries: You must identify the beneficiaries who will benefit from the trust. Beneficiaries can include individuals, organizations, or a class of persons. It’s important to clearly define the rights and entitlements of the beneficiaries.
Trust Deed: You need to draft a trust deed, which is a legal document outlining the terms and conditions of the trust. The trust deed should include the trust’s objectives, the powers and duties of the trustees, the rights of the beneficiaries, and any other relevant provisions.
Assets: The settlor must transfer assets into the trust, which may include cash, investments, immovable property, or other valuable assets. It’s essential to ensure that the transfer of assets is legally valid and compliant with relevant regulations.
Registration: Although not mandatory, it is recommended to register the trust with the Master of the High Court in the jurisdiction where the trust’s main administration will occur. Registration provides certain administrative benefits and legal recognition.
Tax Considerations: Consult with our qualified tax professionals to understand the tax implications of establishing an inter-vivos trust. There may be tax obligations, such as income tax, capital gains tax, and donations tax, which need to be addressed.
Compliance and Reporting: As a trustee, you have fiduciary duties and must comply with various legal requirements. This includes maintaining proper accounting records, submitting annual financial statements, and fulfilling tax obligations.