Trusts

What is a trust?

The trust is a figure of law which is created when someone, the founder or settlor, hands over property in ownership to another, the trustee, to hold and administer for the benefit of ascertained or ascertainable beneficiaries or for an impersonal object, the charitable trust.

Our fiduciary advisors can assist clients to draft and register an inter vivos trust with the Master of the High Court or can create a testamentary trust which will come into effect during the process of liquidation of the estate owner's deceased estate.

PSG Konsult Trust can accept the appointment as corporate trustee of a trust and will perform the following duties as set out in the Trust Property Control Act 57 of 1988:

• Accept the office of trustee to the trust and effect the appointment at the relevant Master's Office;
• Take control of the trust assets with the other trustees in office from time to time and see to the management thereof in terms of the trust deed;
• Complete an inventory of all designated trust assets;
• Ensure that the trust has a separate bank account and that all the assets of the trust are held in the trust's name;
• Ensure that there are no vacancies in the office of trustee in terms of the trust deed, and if applicable, see that the vacant positions are filled;
• Be responsible for proper administration of the trust and transactions involving trust assets, which shall include, but not be limited to the following:
• Financial administration of the trust, i.e. keep proper records and books on all the trust assets;
• See to all compliance functions, i.e. tax and statutory compliance;
• Normal day to day administration issues, i.e. ensure that minutes are taken at meetings and resolutions drafted where required.
• Convene trustee meetings on a regular basis, either quarterly or biannually, or at the instance of the remaining trustees if specific situations or queries arise which would necessitate urgent action.
• Advise trustees on any statutory changes that may impact the business or affairs of the trust and provide alternative solutions.

Fees:

Our fees for accepting the appointment as corporate trustee of a client's inter vivos trust are based on a tiered structure or a fixed fee.