Trust services

We are now offering assistance with your Trust requirements.

Capital Legacy offers Trust services, whereby we act as an independent Trustee on your Inter Vivos Trust for a monthly fee. This fee covers a number of factors, namely:

1) Independent Corporate Trusteeship

Capital Legacy will be independent corporate Trustee. A representative, as nominated by Capital Legacy, will act as Trustee of the Trust.

2) Expertise and skills of the fiduciary technical advisory centre.

The Board of Trustees will have access to the expertise and skills of the Fiduciary Technical Advisory Centre of Capital Legacy. The team will be available to provide the Trustees with ongoing advice applicable to the Trust.

3) General Advice rendered to the board of trustees includes

1. the impact of changes or potential changes in legislation and decisions in court cases applicable to the Trust or South African Trusts, in general, and how the Trustees should deal with these;
2. whether any proposed Trust transactions are allowed in terms of the Trust Deed, legislation, or case law;
3. whether proposed Trust transactions would be to the benefit of Trust Beneficiaries, and also whether such proposed transactions would be in line with the Trust objectives;
4. structuring of Trust Assets from a tax and legal perspective;
5. restructuring of Trust Assets through the sale or purchase of assets and the tax consequences thereof.

4) Trust Deed

We assume responsibility of keeping the Trust Deed up-to-date, at all times, and ensuring that it is aligned with legislation, regulations, case law and compliance practice.

5) Tax Compliance

We check annual financial statements, as drafted by the Trust accountant, to ensure correct tax treatment of taxable income, capital gains and expenses, and assist the accountant in applying the deeming provisions and attribution rules that are applicable to the Trust correctly.

6) Trust Transactions

We participate in all decision-making and the debating of matters requiring Trustee decisions:

1. draft documentation placing all Trustee participation with regard to decision making on record;
2. facilitate virtual Trustee meetings by way of teleconference or video conferencing, at our facilities in Bryanston or elsewhere;
3. facilitate electronic communication between Trustees with regard to the signing of resolutions and other documentation;
4. ensure that the requirements of the Trust Deed are met as far as quorums, meetings and decision making (unanimous or majority vote) are concerned;
5. measure proposed Trust transactions against exchange control regulations applicable, in South Africa, from time to time; assets and the tax consequences thereof.
6. draft resolutions regarding Trust distributions;
7. convene Trustee meetings at least once a year;
8. compile agendas for and minutes of Trustee meetings;
9. draft loan agreements for loans to and from the Trust;
10. draft deeds of donation for all donations to the Trust;
11. draft resolutions authorising some Trustees in office to sign financial statements every year, to sign confirmations of loan balances and movements in loans on an annual basis, and to sign other documentation on behalf of the Trustees, which can all simplify the administration process.

Accounting

We will provide limited *accounting services to the Trust, which includes 3 hours of bookkeeping preparation of annual financial statements and submission of tax returns.

*excluding Trust Tax Registration and Company Registration.

And now:

We are also offering assistance on Trusts where we are not the nominated independent Trustee. These services include:

• New Trusts: R 5000
• Updated existing trust deed: R3000
• Change of trustees: R1500
• Limited review and opinion: –
• Full review and opinion per hour: R 1000
• Full Tax opinion per hour: R1000
• Termination of Trust: R3000
• Tax Calculations per hour: R750
• Future use trust per month: R250
• Lodgement of external documents: R500
• Document drafting per hour: R250