PRODUCTS & SERVICES
Establishment of Inter Vivos Trusts
______________________
Inter Vivos Trusts are widely used in estate planning and offer unparalleled benefits if structured and managed properly. This requires a proper understanding of the law and nature of trusts. At Business & Legal Consultants we have the expertise to guide and advise you on making a well-informed decision before establishing a trust.
Inter Vivos Trusts are commonly referred to as Family Trusts, Property Trusts, Investment Trusts, Share Trusts, Business Trusts etc., to portray the purpose it is intended for. All of these trusts are technically the same, but with different visions. However fashioned, a properly structured trust can protect your wealth against the claims of creditors and third parties, can avoid Estate Duty and Capital Gains Tax upon your death, minimize administration costs and prevent freezing of assets, to mention but a few of the benefits that you may enjoy. Unfortunately, because the family trust is by its very nature an intimate part of the financial and personal lives of the family, clients often lose sight of the fact that the trust is a separate entity merely represented by the trustees, and not the alter ego of the founder. Proper and correct administration is therefore of the utmost importance. Reckless administration and a poorly drafted trust deed can become a nightmare which will defeat the object of the trust.
Appointment as Independent Trustee
______________________
The need to appoint an independent trustee as part of the board of trustees, was suggested by our courts to ensure that trusts comply with the terms of the Trust Deed and applicable legislation. This suggestion was accepted by the Master in 2017 and is now enforced in most instances where new trusts are registered. An independent trustee is deemed not to:
- be a beneficiary of the trust
- receive any benefits other than reasonable remuneration for services rendered as a trustee
- be related to any beneficiary by blood or affinity
- have any marital or other special relationship with any beneficiary.
An independent trustee has no right to any of the trust’s assets or income. The independent trustee is however entitled to a reasonable fee as agreed upon for services rendered as independent trustee. Business & Legal Consultants will act as an independent trustee and assist and advise the trustees to ensure proper compliance and administration of the trust.
Administration of Deceased Estates
______________________
The South African law of succession prescribes the rules which determine the devolution of a person’s estate after his death, and all matters incidental thereto. This requires for an executor to be appointed by The Master of the High Court to take care of all the legalities and to ensure a fair distribution and administration of the liquidation formalities. Although any person (i.e. the survivor or a family member) can be nominated to act as executor of your deceased estate, the Master will not appoint someone without the necessary expertise to administer the estate, unless an experienced agent (i.e. attorney, auditor banking institution or trust company) is appointed as agent to assist him of her.
Business & Legal Consultants have more than 40 years’ experience in the administration of deceased estates. We realize the difficult and emotional circumstances that family members experience as the result of the demise of a loved one. Our experienced administrators will however go to great lengths to ensure that the administration process runs smooth and is handled with due empathy.
Planning and drafting of Wills
______________________
A will is one of the most important documents that one can ever execute, yet often left in abeyance. A will allows you to specify exactly how your legacy is to be dealt with upon your death. Dying without a valid will is to leave everything to fate and allow the strict rules of the Law of Intestate Succession to come into force and prescribe how your assets are to be distributed. This may result in benefiting people that you do not even know whilst your loved ones may be deprived of much needed support. Dying without a will also means that any cash benefit that may accrue to a minor, will end up in the government-controlled Guardian Fund until such time as the minor comes of age. During this time, access to funds are not easy and only limited access will be available to provide for education, maintenance and other needs of the minor.
A carefully planned will also offers numerous benefits in terms of estate taxes and the protection of assets for your beneficiaries. Planning is of particular importance if your estate is of a more complex nature, comprises of different types of assets, involve business interests, shareholding in private companies, limited interest etc. Your responsibility towards maintenance of your spouse, children and other persons, should be addressed to ensure sustainability, bearing in mind the availability of funds and other resources. To achieve the best results, it is necessary to consult with an expert who can guide you through the options to assure a fair dispensation and peace of mind.
Online wills
Urgent situations sometimes require immediate action. Should you have an urgent need for a will and have minimum requirements only, there are four basic wills available online. These wills are free of charge. This merely requires your name and signature, details of your beneficiaries and your contact details for our records. By signing any of these wills in accordance with the instructions provided, you will have an immediate valid will. After signing you can merely forward the original copy to us for safekeeping. Please note that these wills represent basic wishes only, and do not provide for special wishes or circumstances. Please feel free to contact us on 072 180 7031 / 082 446 8078 for assistance or advice on signing any of these wills. Should none of these wills satisfy your needs or you require a more comprehensive will, call us for assistance and do not use any of these or attempt to adapt them.
From the table below carefully select the will that provides best for your needs. Once selected, click the appropriate box to access the will. Print in duplicate and sign both documents according to the instructions below. Once signed, keep one copy for your records and forward the other copy by registered mail to P.O. Box 1905, Wingate Park, 0153. Should you prefer you can deliver the second copy to our offices at Cilliers & Reynders Attorneys, 106 Jean Avenue, Doringkloof, Centurion.
INSTRUCTIONS FOR SIGNING YOUR WILL
- Print two copies of the selected document and fill out the name(s) of the Testator/Testatrix and all Beneficiaries and complete contact details (both copies).
- The Testator/Testatrix must sign in full at the bottom of each page.
- Two witnesses who are not beneficiaries and at least 14 years of age, must co-sign every page.
- The Testator/Testatrix and the two witnesses must sign in each other’s presence.
- After signing please return one originally signed copy to BUSINESS & LEGAL CONSULTANTS for safekeeping and retain one for your records. Copy can be mailed by registered post to P.O. BOX 1905, WINGATE PARK, 0153, or delivered to the offices of Cilliers & Reynders Attorneys at 106 Jean Avenue, Doringkloof, Centurion.
Estate Planning
______________________
Business & Legal Consultants have a vast experience and the expertise to do holistic estate planning for our customers. A holistic estate planning consists of evaluating the entire estate of a client (including the will, trusts, business entities, financial statements, how clients are married, etc), to identify all the risks and to find solutions for those risks. Part and parcel of estate planning is also advice on the best tax structures for a client’s unique circumstances.
Structuring of Business models
______________________
Owners of small and medium enterprises (SMME’s) or persons otherwise involved in business, need advice on the best structures for their business interests. This involves trusts and other vehicles like Companies and Close Corporations.
Whatever business model is followed, these structures inevitably form part of the owners’ personal estate and effect his estate plan. Business structuring also requires proper tax planning and should consider tax friendly practices to support the estate plan. Business & Legal Consultants can advise and assist in these matters.
Company registrations and amendments
______________________
The registration of new companies as well as amendments to existing companies can be facilitated through our associated partners. Although shelf companies are readily available, it is often worth the while to consider your options before rushing into any standard agreement of structure. Advice on the tax and legal implications of different structures should be investigated before locking into any particular structure. Business and legal consultants can guide you through the process to reach an informed decision.
Legal Advice
______________________
Business & Legal Consultants are experts in fiduciary and all related estate planning matters. No matter what occupation, business, or other ventures you may be involved in, there is always exposure to legal issues of some nature. Our qualified members and associates can advise you on all related matters. While advising entrepreneurs on different business risks, we are also skilful in drawing commercial and other relevant agreements to safeguard your position and protect your wealth.
B-BBEE structuring for SME’s
______________________
BEE compliancing is a reality which cannot be ignored especially if your business is dependent on government and corporate business referrals. Through our professional associates we offer expert advice and the best possible BEE-structuring solutions to ensure equal opportunities for your business ventures. Good advice alone however is not sufficient, and we therefore walk the extra mile to facilitate the implementation thereof to ensure that you achieve the anticipated outcome without sacrificing your hard earned wealth.
Voluntary surrendering of estates
______________________
Voluntary surrendering of your estate is a legal process to get out of debt under the governance of the Insolvency Act. This means that you will be sequestrated, but ultimately allows you to have up to 80% of your debt written off instead of struggling to make ends meet and to pay for years towards your debts. You however have to contribute the remaining 20% of your debt for distribution to your creditors. This can be done by sacrificing assets to the value of 20% of your debt or contribute cash over a period of 18 months. Once you enter the process of voluntary surrendering of your estate, you may not make any further payments to creditors, legal actions to recover debt cannot be instituted against you and no further interest can accrue on outstanding debts.
The voluntary surrendering of your estate enables you to make a fresh start. As the process is handled with great sensitivity and privacy, you do not have to fear embarrassment as no public announcement is made and neither is your employer informed of your division to surrender your estate. An advocate will represent you in court and you will not have to appear in person.
Once the sequestration is finalized, you can if certain criteria is met, apply for rehabilitation within six months after sequestration, which will clear your name and allow you to start a new life. In terms of the Insolvency Act however, you are automatically rehabilitated after ten years.
To surrender your estate is a mayor decision that will impact on your family life. It is therefore important to consult with an expert to guide you through the process and consequences that you may face.
get in touch
CONTACT US
______________________
Telephone:
072 180 7031
082 446 8078
Email:
info@buslegal.co.za
BUSINESS & LEGAL CONSULTANTS CC
106 Jean Avenue
Doringkloof,
Centurion