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Search Results for: trusts

Property Sales and Trusts: Demand Proof of Trustee Authority

Selling property to a trust comes with a particular risk, and it’s one that - although easily avoidable - still seems to catch sellers unawares on a regular basis. Not checking that the trustee/s signing the offer to purchase/deed of sale are fully authorised to do so could leave you with no sale at all! Let's start from the beginning - you are overjoyed at receiving a good offer for your property – not easily achieved in these hard times and of course you certainly don’t want to do anything to jeopardise the sale. But perhaps do that little bit extra homework before accepting the offer if it comes from a trust. It is important to investigate the offer to ensure that the trustee/s signing the offer to purchase/sale agreement…
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Trusts: New Directive on Independent Trustees

If you plan to form a trust, you need to know about a new directive from the Chief Master of the High Court to all Master’s Offices in the country. The directive applies to all new trusts (those “registered for the first time”) by the Master. Following a series of court cases in which the “trust form” was held to have been abused by the trustees (often in the form of trustees treating trust assets as their own), and in particular a 2004 Supreme Court of Appeal decision suggesting the appointment of independent outsiders as trustees in certain family trusts, the Chief Master has directed that Masters “must consider appointing” an independent trustee where any new trust is a “family business trust”. “Family business trust” is defined as having “the…
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Tax changes affecting Trusts: Interest-free or low-interest loans to trusts

The South African National Treasury (“Treasury”) is moving forwards with their promises to tighten up the income tax laws which are applicable to trusts. In July 2016, Treasury released the Draft Taxation Laws Amendment Bill (“Draft TLAB”) which introduced a new section 7C into the Income Tax Act, 1962 which applies directly to trusts which are used as investment vehicles. Trusts - the structure Trusts are often used as an investment vehicle to hold immovable property. There are a number of benefits to this, including, removing the property from your estate beyond the reach of creditors and reducing your estate’s value so as to eventually limit the estate duty payable on your estate. Typically a person would loan money to a family trust which would enable the trust to acquire…
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Property and trusts – be careful!

For most of us, business dealings with trusts are most likely to happen when selling a property to, or buying a property from, a trust.  But no matter why or how it happens, have your lawyer check that whoever signs for the trust is fully authorised to do so. For want of authority, the case is lost If you don't ascertain up front that the person signing the agreement on behalf of the trust is properly authorised, you could be in for a major shock if you come to blows and need to ask a court for assistance. The recent case of Smith v ABSA Bank Limited (A892/2014) [2015] ZAGPPHC 409 deals with a situation where ABSA Bank is forced to approach the Court to enforce a trustee’s personal suretyship. Briefly, the…
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Trusts and Estates

Wills, Trusts and Estates Our Wills, Trusts and Estates services ensure that your assets are protected during your lifetime, while planning ahead to prepare for your survivors after your death. We also advise you whenever new rules and legislation necessitate changes in your affairs. It is Benjamin Franklin’s often-quoted saying that “in this world nothing can be said to be certain, except death and taxes” which makes most people stop and think. Everyone should be aware that the only way that one’s heirs can legally wind up one’s estate in accordance with one’s own wishes is if that person leaves a Last Will and Testament.  If you don’t, it is the laws of intestate succession which apply and these laws might have unintended consequences for your heirs. Effective estate planning…
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Property: Trouble With Trusts

“The best time to buy a home is always five years ago” (Ray Brown) Whether or not 2014 lives up to the forecasts of accelerating strength in the property market, you need to know that your sale or purchase of land will be invalid unless it complies strictly with these legal requirements –  The sale must be recorded in a written agreement of sale, and The sale agreement must be signed by both seller and buyer, either personally or by an agent authorised in writing to sign on that party’s behalf. (more…)
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Directors at War and the Liquidation Option – A Tale of Sibling Rivalry

A company’s directors have both the power and the duty to manage the company’s affairs for its benefit. When two or more directors are in place, it’s perhaps natural for the occasional disagreement to arise between them. Indeed, regular expression of a variety of different viewpoints and ideas can make for a strong, dynamic board and business. Provided, that is, that the directors are in the end result still able to agree on the decisions vital to their company’s continued operations. What happens though when disagreements and disputes escalate and make it impossible to continue running the business? Typically, communications break down to the extent that decision-making is paralysed. First prize will of course always be an amicable settlement – through formal mediation perhaps, or negotiation to buy out a…
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Derry-Ann Haldane

Derry-Ann Haldane, a candidate attorney, joined Ashersons in January 2019. Derry-Ann matriculated from Herschel Girls Senior School in 2010 and subsequently completed her tertiary education at the University of Cape Town. In 2013 she graduated with a Bachelor of Social Science majoring in Politics, Sociology and isiXhosa and in 2017 graduated with her LLB degree. Derry-Ann has a keen interest in Family Law, Labour Law as well as Trusts and Estates.  She is a hardworking and meticulous individual, dedicated to detail and focused on delivering and achieving results. She is passionate about helping individuals and ensuring their legal interests are protected.   Recent Articles by Derry-Ann Haldane
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Our Team

We are team of skilled, talented and energetic legal professionals Our Cape Town based professional team (who together has over 110 years of experience) has remained compact over the years. It presently consists of three partners, two senior associates, three associates, and two candidate attorneys - who collectively bring a wealth of wisdom and insight to the practice. We are assisted by a team of efficient and diligent support staff as well as be two professional consultants who provide invaluable guidance and direction. All of our attorneys and staff pride themselves on delivering a comprehensive, personal and tailor made service to clients.
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Our Services

100 years of quality service is what Ashersons has achieved Ashersons Attorneys is a full service boutique law practice so we can assist you with almost any legal issue that you have. For ease of reference, here is a brief overview of some of the legal services that we offer.
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