By appointing an expert in the outset, costly delays could be averted. Few other types of matters, if any, change hands from one administrator to another as often, usually as a result of unnecessary delays caused by inexperience or inefficiency of an administrator of an estate.
Having a valid will is essential. As prescribed by The Wills Act, certain formalities must be adhered to for a will to be valid.
A Mortis Causa trust is set up in the will and only comes into existence after the death of the founder.
An Inter Vivos trust is a handy estate planning tool for building an estate during the lifetime of the founder.
The matrimonial property system chosen by a couple forms the cornerstone of their future estate planning.
The administration of an estate is a complicated process and it is advisable to appoint an attorney as the executor of a will.
Curators and Trustees can be appointed by the Court to administer or wind up certain estates such as insolvent estates.
We believe in using the legal structures available to you in such a way that you get the perfect solution to your unique needs. Whether you are structuring for protection against insolvency, tax or in an heir-friendly way, we can give you the guidance and advice you need.
A Mortis Causa trust, or testamentary trust, is established by a will, and its validity is clearly linked to the soundness of the will. The attorney tasked with the drafting of the will, will ensure that the trust is drawn up to meet the specific needs for which it is created.
He or she will also explain to the testator all the implications the trust has for the testator’s beneficiaries. In the case of a testamentary trust, it is once again worthwhile to appoint an attorney as a trustee, because attorneys have to comply with the Attorney’s Act, 53 of 1979, which prescribes strict regulations for the separation of trust money and the attorney’s personal accounts.
The pros and cons to the establishment of a trust will be explained to the founder by the attorney, which will allow for careful consideration of the options available. It is also not a bad idea to appoint an attorney as the sole trustee, or one of the trustees. A trustee has many duties to carry out, and are legally responsible for fulfilling these carefully and diligently.
The administration of trusts is a burdensome undertaking; for attorneys, however, it is an everyday task. The tax implications of trusts, and the best way to distribute trust income to the beneficiaries (so that they may receive the greatest benefit out of tax exemptions), will be explained by the attorney. The terms of the trust can then be drafted in such a manner as to utilise these exemptions optimally.
Our offices are situated in Clearview Office Park and easily accessible with ample secure parking.
Carter Smith Attorneys
Block B, First floor, Unit 2
Clearview Office Park
77 Wilhelmina Avenue
Constantia Kloof
Roodepoort
Int Tel: +27-(0)11-375 4022
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