Family Trust explained

To ensure that your assets are safe and protected, you may want to consider a family trust. Having a family trust means that your assets will be kept safe and secure for the trust beneficiaries – those who will be benefiting from the trust. Furthermore, the trustee will not enjoy personal benefits of the trust but will simply be holding the assets for the trust beneficiaries. [caption id="attachment_4576" align="alignleft" width="300"] Call our law offices on: 0211110090
Email us at: [email protected][/caption] Exactly how is this different from your Last Will and Testament? It is simple. The will takes effect only after one’s death while the trust can be executed in your living days. For more legal advice on professional legal drafting of family trust and wills, call our law offices on 021 424 3487 today and have an online appointment made for you today.

Trust registration South Africa

Before going forth with a trust, you need to understand why you’re getting a trust. The following are important pointers to consider when getting a trust:
  • Understand why you are setting up the trust: think about the purpose of the trust.
  • What type of trust you would like to set up: find out more about the different type of trusts and make a call as to which trust you will require.
  • Property and assets: think about how you like to set out the rules of the trust and think about how this will govern your property and assets.
  • Beneficiaries: the person who will benefit from your assets. Think about who your beneficiaries are and how they will benefit – will it be a few beneficiaries or will it be an institution?
  • Trustee: this is the one who is in charge of the trust. He/she must understand the expectations and rules of the trust and ensure that all is in order.
  • Rules: different trusts have different rules. Your legal expert will explain this you when attempting to register your trust. It is important that the rules are carried out accordingly.
[caption id="attachment_4577" align="alignleft" width="300"] Call our law offices on: 0211110090
Email us at: [email protected][/caption] For more information on the procedure of trust registration, call our law offices on 021 424 3487 for an online appointment for a professional legal consultation. If you’re residing out of Cape Town, then fell free to make use of our national number on 087 701 1124 today.

Trust vs Will

First of all, a will is written document signed with witnesses which indicates how your assets will be distributed at the time of your death. A will is effective only after your death by which all wishes of the deceased must be carried out accordingly. [caption id="attachment_4578" align="alignleft" width="300"] Call our law offices on: 0211110090
Email us at: [email protected][/caption] A trust on the other hand, can be effective before and after death and is associated with assets and property management. And while this may sound convenient and appealing, it does come with its own disadvantage as well. The trust can be more of a hassle due to it having to be funded and actively managed in your living days. Speak to your family legal expert today on family trusts and wills and have your will and trust professionally drafted with us. Call our law offices on 021 424 3487 for an online appointment today. Connect with us!  
Posted on by Telelaw

Family Trust explained

To ensure that your assets are safe and protected, you may want to consider a family trust. Having a family trust means that your assets will be kept safe and secure for the trust beneficiaries – those who will be benefiting from the trust. Furthermore, the trustee will not enjoy personal benefits of the trust but will simply be holding the assets for the trust beneficiaries.

Call our law offices on: 0211110090
Email us at: [email protected]

Exactly how is this different from your Last Will and Testament? It is simple. The will takes effect only after one’s death while the trust can be executed in your living days.

For more legal advice on professional legal drafting of family trust and wills, call our law offices on 021 424 3487 today and have an online appointment made for you today.

Trust registration South Africa

Before going forth with a trust, you need to understand why you’re getting a trust. The following are important pointers to consider when getting a trust:

  • Understand why you are setting up the trust: think about the purpose of the trust.
  • What type of trust you would like to set up: find out more about the different type of trusts and make a call as to which trust you will require.
  • Property and assets: think about how you like to set out the rules of the trust and think about how this will govern your property and assets.
  • Beneficiaries: the person who will benefit from your assets. Think about who your beneficiaries are and how they will benefit – will it be a few beneficiaries or will it be an institution?
  • Trustee: this is the one who is in charge of the trust. He/she must understand the expectations and rules of the trust and ensure that all is in order.
  • Rules: different trusts have different rules. Your legal expert will explain this you when attempting to register your trust. It is important that the rules are carried out accordingly.
Call our law offices on: 0211110090
Email us at: [email protected]

For more information on the procedure of trust registration, call our law offices on 021 424 3487 for an online appointment for a professional legal consultation. If you’re residing out of Cape Town, then fell free to make use of our national number on 087 701 1124 today.

Trust vs Will

First of all, a will is written document signed with witnesses which indicates how your assets will be distributed at the time of your death. A will is effective only after your death by which all wishes of the deceased must be carried out accordingly.

Call our law offices on: 0211110090
Email us at: [email protected]

A trust on the other hand, can be effective before and after death and is associated with assets and property management. And while this may sound convenient and appealing, it does come with its own disadvantage as well. The trust can be more of a hassle due to it having to be funded and actively managed in your living days.

Speak to your family legal expert today on family trusts and wills and have your will and trust professionally drafted with us. Call our law offices on 021 424 3487 for an online appointment today.

Connect with us!

 

Related Post

Looking for Family Legal Services in Diep River- Child Maintenance, Child Custody, Visitation Rights and Divorce

Here at our law officers, we understand the struggle of your anxious search for family legal services. Most often, you under the impression that you may not find the legal services you require within close proximity. Look no further.

Family Legal Advice Consultancy

We are a family legal consultancy that strive to cater for all your legal needs by offering legal advice and guidance in family law. If you happen to be residing in the Diep River area, then legal advice is still in your favor. Searching for a legal solution is tough enough and we are fully aware of this. With this in mind, we have made our legal advice and legal guidance easily accessible for your convenience. Our online system enables you to make an online appointment for a professional legal consultation within minutes, while in the comfort of your own home.

Price listings for Family Legal Services in Diep River

We have managed to compile a straightforward price list of some of our legal services in which we offer legal advice and legal guidance in. With that being said, we often have potential clients asking us for an overall view of what the service will cost. When it comes to child maintenance, child custody, contested/opposed divorces and so on; then an overview of the cost cannot be provided as this will be depend upon nature and circumstance of the legal matter. See our legal services page for an idea of what some of our legal services will cost.

Legal Advice in Diep River– Family law legal topics

For family law legal topics, we offer legal advice on a variety of family law topics, which include, but is not limited to: And while our consultation does come at a fee of R800; we have made our free, expert legal advice articles on our website, easily accessible for the layperson. See the following free, expert legal advice articles which was carefully crafted by the legal expert himself. These articles can be found within the following categories:

Child Maintenance

  1. How to Apply for Child Maintenance at Court – Step by Step Guide and Advice
  2. Child Maintenance Question. How much should I pay or contribute as a p
  3. Child Support or maintenance claims. Does an unemployed father pay?
  4. Non-compliance with Maintenance Orders — Civil and Criminal Remedies
  5. Tricks and tips on how to win your child maintenance case

Child Custody

  1. The Law Regarding Children – The Children’s Act 38 of 2005
  2. Child born out of wedlock: Mother will not consent to her surname change and to be registered as her biological father. What can I do?
  3. How do I get full custody over my child?
  4. Parental Child Abuse in Custody Cases
  5. Relocate with minor child. Parent Refusing Consent for a Passport
  6. Father being refused contact to his child! What are his rights as a Father?
  7. Father’s Parental Responsibilities and Rights to his Child
  8. Urgent Access to your Children without a Lawyer
  9. Parenting Plans and the Law
  10. What happens in a custody dispute where one parent is mentally ill?
  11. How to win your child custody and access court case – Tips and Tricks
  12. Rights of care, contact and guardianship of grandparents to their grandchildren – What does the law say?

Divorce and Property

  1. How to Change your Matrimonial Property Regime
  2. Do your own Unopposed Divorce. No lawyers needed and its Free.
  3. Parental Rights of Divorced Muslim parents after a Talaq or Faskh
  4. Free Online Divorce Assistance Form – DIY Cape Town South Africa comprising of:
So whether you’re residing in the Northern or Southern suburbs, we can assist you in your legal plight. Call our law offices on 021 424 3487, and have our friendly receptionist make an online appointment for you for a face to face, telephonic or Video Chat/Skype legal consultation.

Legal consultation – telephonic, face to face or via video chat / Skype legal advice for those residing in Diep River

Are you residing in Diep River and concerned that legal advice and legal guidance may be out of your way? This could never be more far off from the truth. Our professional legal consultancy have taken such circumstances into account and have managed to accommodate for those residing in the Diep River area. Our professional legal consultation can take place by virtue of video chat / Skype, email or telephonic for your convenience. We are currently based at Suit 702, 7th Floor, The Pinnacle (on the corner of Burg and Strand Street). Do you require an Attorney to handle your legal matter? No problem. Our law offices have built a wealth of legal connections to ease your plight. After assessing your legal matter during the consultation, we can refer you to an Attorney if necessary. However, we have managed to sustain a convenient online operation which will unfold within the following ways:
  1. Call our friendly receptionist and ask to have an appointment made for you online which will only take a minute or two.
  2. You have the choice of deciding whether you would like a telephonic, email, video chat/Skype legal consultation.
  3. Once you call our law offices on 021 424 3487, the receptionist will make an appointment online for you. Thereafter, you will receive an automated email which will contain all relevant details about the legal consultation. The date, time, nature of legal matter and payments methods will be highlighted within the email.
  4. We urge potential clients to read their email well as well as the terms and conditions within the email.
  5. Only once payment has been made, will the face to face legal consultation be confirmed.
  6. Bear in mind that the date and time of the legal consultation is subject to change on either our part or the potential client’s part. Hence the potential client is free to change the date and time should they later find a more convenient date or time.
Call our law offices on 021 424 3487, and have our friendly receptionist make an online appointment for you for a face to face, telephonic or Video Chat/Skype legal consultation.

Free legal products if you live in Diep River

Our law offices does not offer pro bono legal services as we are a Family Legal Consultancy that aims at offering expert, efficient legal advice and assistance on child maintenance, divorce, child custody and so forth. We have however, as mentioned previously, made our free, expert legal advice accessible to the layperson on our website. The creators of this website have compiled a “Free Family Law Resources” section, which can be found on our home page. The family law resources are as follows:
  1. Free Basic Will Tool Kit
  2. Free Shariah Will Template
  3. Free Divorce Starter Tool Kit
  4. Free Child Maintenance Calculator
  5. Free DIY Urgent Child Contact Toolkit
  6. Urgent Holiday Contact Toolkit
You can now enjoy free, expert legal advice at the touch of a button. Call our law offices on 021 424 3487, and have our friendly receptionist make an online appointment for you for a face to face, telephonic or Video Chat/Skype legal consultation. Connect with us today!        
Posted on by Telelaw

The role of antenuptial contracts in South Africa – What do you need to know before getting married?

When people are in love, they often want to spend the rest of their lives together. And one way of doing so is to get married. Usually, after they got married, they will start a family. However, there is one important aspect many people do not consider before getting married. And that is the propriety regime that would apply to their marriage. In other words, what belongs to who during the marriage and after the marriage should they divorce or one spouse passes away.

Marriages in community of property – The Standard Regime

In South Africa, the default matrimonial property regime is that of in community of property and profit and loss.  What this means, is that whatever property the couple have during the marriage, they would share. This includes debt. Therefore, should a party receive a huge sum of money during the marriage, that money would belong to both the parties and form part of the joint estate. The same principle would apply should a party get into financial trouble. In such a case both the spouses or the joint estate would be responsible for that debt. If spouses are happy to share in each other’s wealth and liabilities during the marriage, then being married in community of property may be a good option. However, if this matrimonial property regime does not appeal to a couple before they get married, then a different matrimonial property regime should be looked at. Now let us move on to a marriage out of community of property.

Marriages out of community of property – with or without the accrual regime

Marriages out of community of property may take two faces. The first is out of community of property without the inclusion of the accrual regime. This is its purest form. The other would be a marriage out of community of property with the inclusion of the accrual regime. Before we explain the differences between the two, we need to explain to you what it is meant to be married out of community of property and profit and loss.

Marriage out of community of property

Being married out of community of property means that spouses during the marriage own their own assets and are solely responsible for any debt owed by either of them. This can be compared to a marriage in community of property where the opposite applies. Therefore, if the couple is married out of community of property, a spouse would not require the other spouse’s consent to incur a debt. A spouse would not be entitled to claim any monies belonging to the other spouse by virtue of being married. In short, if you are married out of community of property, you are solely responsible for your estate. As would be seen further below, to be married out of community of property you have to enter into an antenuptial contract.

What is the accrual regime?

As mentioned above, a marriage out of community of property could have the accrual regime apply to it or not. The aspect of accrual only comes into play should the parties divorce or one of them pass away. The parties would then share in half the difference between the two estates. This amount is referred to as the accrual. Therefore, by way of example, should one spouse pass away and the estate of the deceased has grown in the sum of R10 000 – 00, then the surviving spouse should receive half of that. The above example would apply if the surviving spouse’s estate has not grown at all. If it has grown, then they would share in half the difference of their respective growths.

Marriage out of community of property with the inclusion of the accrual regime

The accrual regime automatically applies to a marriage out of community of property, unless it is expressly excluded in an antenuptial contract. During the marriage, the same principles as above apply to a marriage out of community of property with the inclusion of the accrual regime.

Marriage out of community of property with the exclusion of the accrual regime

If the couple does not want the accrual regime to apply to their marriage out of community of property, they need to expressly stipulate it in the antenuptial contract. If they do not do so, then their marriage would automatically be out of community of property with the inclusion of the accrual regime.

Parties entering into an antenuptial contract before the marriage

As stated, if a couple wants to get married out of community of property with or without the inclusion of the accrual regime, they need to enter into an antenuptial contract. They would sign a document wherein they stipulate what matrimonial property regime would apply to the marriage. Other matters may be included in an antenuptial contract. For example, assets that should not be included in the calculation of the accrual. The antenuptial contract is signed before a notary public and it is registered at the Deeds Office. In that way, the public would know that you are married out of community of property.

What happens if I did not enter into an antenuptial contract and want to change it later?

Should a couple get married and later decide to change the matrimonial property regime, they may do so with the consent of the High Court. A court application would have to be made to the High Court explaining to the court why they wish to change the matrimonial property regime and also which property regime they now wish to apply to them.

Publication of Application to change the matrimonial property regime

Various other information would be included in the High Court Application which could entail details of various creditors of the spouses and their assets and liabilities and so on. Attached to the court documents would also be a draft postnuptial contract. The Application and the Court date would be published in the Government Gazette and one or two local newspapers for potential creditors to be informed about the pending Court Application.

Informing creditors of the change in the matrimonial property regime

Various creditors would also be notified of the application via registered mail. The application can be expensive because of the work and expenses involved. This cost includes attorney fees advocate fees, publication fees etc. It is therefore important to decide before the marriage whether or not the matrimonial property regime of community of property is the best regime for you before getting married. If it is not the best for you and your intended spouse, we advised that the enter into an antenuptial contract. This will not only save you money in the long run but also avoid a lot of complications in the future. Speak to us should you wish to enter into an antenuptial contract. Our antenuptial contract product may be purchased here.   We are certain that you found the above article useful and interesting. Please consider sharing it on the share buttons below. They include Facebook, Twitter, LinkedIn, WhatsApp, Gmail and more. Someone may find it useful as well. Should you require business advice or services, feel free to click on these links: Business SA | Private Legal | Envirolaws    

Posted on by Telelaw

Do you require a video legal advice consultation?

Click here and schedule one today!