Trust Overview GMP MSW - Moore Stephens

Challenging expectations Trust Overview What is a Trust ? The answer may seem obvious, but in practice many people get confused as to exactly what a Trust is, and what such a structure is meant for. We will examine the various types of Trust recognised under the South African common law, as well as where the Income Tax Act fits in. The Trust Property Control Act 57 of 1998 contains a rather cumbersome definition for a Trust , but the short version is that a Trust is a structure to which property is transferred, and is then administered by trustees on behalf of one or more beneficiaries, in accordance with the Trust instrument (which could be a Trust deed or a will). Section 1 of the Income Tax Act defines a Trust as " any Trust fund consisting of cash or other assets which are administered and controlled by a person acting in a fiduciary capacity, where such person is appointed under a deed of Trust or by agreement or under the will of a deceased person.

challenging expectations Our law also recognises three types of trust: • An "ownership trust". This is where the trust founder transfers ownership of assets into a structure that is to be administered by a trustee for the

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