A trust is a legal entity with its own distinct identity. It may acquire and hold property, shares and other such assets in the interests, and for the benefit, of its beneficiaries, the people for whom the trust was created.
Trusts are administered in terms of the Trust Property Control Act, and formed and governed in terms of a written agreement between Trustees and the Founder (or Settlor), known as the ‘Trust Deed’.
A trust has its own contractual capacity and it may acquire and sell property, it may acquire shares in a company, or acquire and dispose of any other assets.
We attend to formation and registration and administration of the following types of trusts:
- discretionary inter vivos (living) trusts, such as family trusts, business trusts and property trusts
- testamentary trust (in terms of a Will)
- special trusts in terms of Section 1 of the Income Tax Act, No. 58 of 1962
- non-profit / charitable trusts
Why Should You Set Up a Conventional Trust?