Steps on ending a Trust
Available from: 18/03/2025
A trust may end automatically, for example on the death of the life tenant or when beneficiaries fulfil an age contingency. Alternatively the trust may be wound up by the trustees exercising a power to under the trust instrument (a power of appointment or a power to apply capital for the advancement or benefit of beneficiaries).
Whenever a trust ends and for whatever reason, there are certain things to consider. This webinar will look at:
- Standard matters which trustees need to consider whatever the type of trust
- Is it preferable to transfer assets or proceeds of sale?
- If the termination date is within the control of the trustees, would the beneficiaries prefer distribution in a later tax year?
- Has the beneficiary assigned their interest?
- Should trustees retain assets to meet possible liabilities?
- Steps required to ensure tax compliance: R185, SA900, IHT100
- Matters relevant to the ending of a life interest trust on death
- Who are the beneficiaries?
- Are they absolutely entitled?
- Is there a transitional serial interest
- What if a remainder beneficiary has predeceased?
- What if the remainder interest has not been disposed of?
- Matters relevant when trustees exercise their powers to end a trust
- Are the trustees exercising their powers for a proper purpose?
- What formalities have to be complied with?
- What should a distribution document contain?
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