The vagaries of carrying on a business are many and varied
- Potential claims for damages;
- Claims by employees, financiers, landlords, business creditors and sureties;
- Claims for financial damages.
In order to mitigate and guard against these risks, one needs to place their assets in a Trust. This protects the assets against risk from all potential claims and creditors.
Trusts allow for the best mode of succession planning as the South African Trust Law allows for a Trust to continue in perpetuity.
A properly drafted will be executed in order to ensure that the individual does not die intestate.
The Will also allows the individual to capitalise on various estate duty exemptions, transfer duty benefits and certain tax relief.
Benefits upon death
Asset ownership through Trust protects against your estate falling into ‘Deceased Estate’ and thus requiring an Executor upon death.
- No Estate duty taxes
- No Capital Gain taxes
- No Executor’s fee
- No death taxes