A Trust is a legal entity created by an individual (Settlor) to which another individual (Trustee) holds the right to manage the assets or property of the Settlor for the benefit of other individuals (The Beneficiary). At Perry Reyneke we deal with two types of Trusts namely a Living Trust and a Testamentary Trust.
Types of Trusts
Inter Vivos (Living)
This trust is created during the lifetime of a person.
Mortis Causa (Testamentary)
This trust is set up in terms of the will of a person and comes into effect after their death.
Trusts are set up for many different reasons and can be altered to your specific needs. If you are unsure on whether you need a Trust or not we have set out a few reasons as to when a person will use a Trust.
When an individual will use a Trust:
The protection and preservation of assets for the next generation.
The protection of the interests of minors, the elderly or disabled beneficiaries.
Charitable purposes or any other special causes.
Trusts form a pivotal part of Estate Planning.
For more information on Trusts, please contact our office, or complete the contact form.