TRUST, TESTAMENT &
- Drafting of Wills
- Winding up of Estates
- Estate Claims
- Executors Services
- Trust Administrators
- Assistance to Executors
- Appointment of Executors
- Trust Registrations
- Trust Amendments
- Trustee Services
A trust administrator, also called a trustee, is responsible for managing assets placed in a trust, an arrangement intended to protect a person's property until he is able to take care of it himself. A trustee’s primary duty is to follow the instructions of the trust instrument. Strict compliance with the trust instrument is necessary.
The obligations of the administrator include:
- Maintaining Accurate Records
- Seeking Professional Advice When Necessary
- Paying Taxes
- Making Reports to Beneficiaries of the Trust
- Protecting Trust Assets
- Accounting for Those Assets
- Making Proper Distributions to Beneficiaries of the Trust
Following the instructions of the trust document or trust instrument is extremely important for a trust administrator. The trustee must carefully read and understand the terms of such a document and act in accordance with the instructions. Failure to perform the obligations with diligence could mean a lawsuit. Beneficiaries of the trust can challenge decisions made by a trustee and take legal action against him.
Laws require the administrator to act with reasonable care, skill and caution. This means that a trustee must obtain professional advice when managing specific investments belonging to the trust. The fact that we have these professionals at our fingertips makes sure that you have the best advice on hand.
The trust administrator must provide accurate information to the beneficiaries upon request. Beneficiaries are entitled to obtain information about the trust assets. This means each beneficiary is intitled and may inspect records concerning the trust. A trustee should provide annual statements to beneficiaries or conducts meetings periodically to keep beneficiaries informed. Maintaining detailed records also protects the trustee from false claims and keep the trust relationship between him and the beneficiaries
Amadwala believes that every person in South African should have a Will. This is the only way to ensure your estate is distributed as you wish.
Should you pass away without a will (intestate); the law of intestate succession will become applicable to the distributable portion of your estate, meaning that your assets may be inherited by individuals you never intended to inherit?
Even if you have a simple estate there are certain issues which need to be taken into account when drafting a will. Most people are unaware of the complexities and technicalities involved and for this reason. Amadwala strongly recommends against doing your will by yourself.
The benefit of using a FISA registered professional, well versed in the disciplines of the legal requirements of a will, the implications of how you are married or not various taxation laws (such as CGT, donations tax and normal income tax) on your estate created under the will as well as the impact on your assets, liabilities and cash flow of the implications of the proposed will.
Amadwala is a group of companies compromising of professionals on every level of financial planning. Amadwala fiduciary services forms part of this. This means all your financial wellbeing is in one house. All three of the partners have extensive experience and expertise in this specific areana of financial planning. Etienne Booyens is the only registered FISA member in Witbank and Jeanne Erasmus is one of only two in the whole of Nelspruit and surrounding areas. Markus Saayman is a practicing Attorney in Nelspruit.
You can leave your estate with ease and comfort in the hands of these partners. We work for our clients, representing them when they cannot represent themselves anymore.
Amadwala Group of Companies have extended their one stop service providing their clients the full platform of banking products. We have partnered with Nedbank Corporate Saver. This service will be managed at our offices in Witbank and Nelspruit. This will make the reconciliation of investments, administration to investment
management, etc. so much easier. This will extend our investment platform to the short term product delivery.
The following products will be in the product range:
- Call Account, 32 days’ Notice Saving, 1 - 12 months Term accounts, etc.
To the Attorneys and accountants profile the next Call Account options for :
3) Judicial Management
4) Agent Own Funds
5) Testamentary Trust
6) Insolvent Estate
7) Provisional Liquidation
9) Inter Vivos Trust
10) Section 78 (2A)
11) Section 32