Manong Badenhorst offers a complete range of estate planning, advisory and other fiduciary services. In collaboration with our attorneys specialising in financial advice, our fiduciary specialists provide bespoke estate planning advice to ensure that your estate planning instruments and your financial planning requirements are aligned so as to achieve your estate planning and asset protection objectives. We also provide the following services:
- will draft and safe custody;
- trust formation;
- trust administration;
- Professional trustee services, and
- Deceased estate administration.
We guide our clients through the issues they need to consider, such as:
- catering for their dependents’ circumstances;
- The best way to structure offshore and onshore assets (including the exchange control implications);
- Trust and company structures;
- Company succession planning;
- Business insurance from an estate planning perspective.
A very important area of estate planning is the effective use of estate planning instruments to ensure that our client’s assets are not subject to unnecessary income tax, capital gains tax and estate duty after death. Our specialist team can provide input on tax related matters
Trustee and trust administration services:
The role of a trustee is to attend to all aspects of the administration of a trust and to ensure that this is done in accordance with the provisions of the trust instrument and South African case law and legislation.
A trustee acts for the benefit of another person or a group of persons (the beneficiaries). A trustee’s primary role is to act independently according to the terms of the trust instrument and in the interests of the beneficiaries. In order to do so, a trustee must at all times act honestly, impartially, in good faith, in the best interests of the beneficiaries, and avoid conflicts of interest.
We work together with our client’s financial adviser to make sure that our client are provided with holistic advice that includes both your financial planning (the responsibility of the financial adviser) as well as estate, succession and asset protection planning (our area of expertise). This ensures that all aspects of our client’s financial affairs are aligned with one another. The objective is always to make sure that our client’s future goals and objectives can be met and implemented easily and cost effectively.
As an appointed trustee or trust administrator for a trust, in partnership with you and your financial adviser, Manong Badenhorst Fiduciary Services will take responsibility for the following:
- drafting the agenda and minutes for the yearly trustees meeting;
- arranging for signature of the minutes, and
- Implementation of decisions made at the meeting.
Yearly trustees meeting:
- arrange, attend and chair the meeting at our offices.
Trust income and expenditure:
- monitor and attend to trust income to be collected and trust payments to be made
Drafting, arranging signature and submission to the Master (where necessary).
Distributions to beneficiaries:
- Verification, FICA, and accounting to each beneficiary for tax compliance purposes.
- identifying agreements required for the proper administration of the trust.
- Appointment of Manong Badenhorst Grundlingh Wealth Management as financial adviser for the trust and the updating of asset values on a yearly basis.
- appointment of a tax compliance officer for the trust to make sure that the trust’s tax returns are submitted to the South African Revenue Service (SARS) on time.
- Appointment of an accountant that will ensure accounting records are kept for the trust and that annual financial statements are drawn up. The costs of which shall be borne by the Trust.
Maintenance of the trust’s:
- Loan account from the founder/donor.
- Minute book and the safe custody of the book.
- Compliance file and the safe custody of the file.