In this column on trusts, Phia van Spuy explains how the patriarch or matriarch founder of a family trust often leaves family members to be trustees in the event of their death. Yet often the remaining trustees do not even have the required skills and knowledge to effectively manage specialised assets held in the trust, such as farms, investments in companies, etc. Assets in a rich, generational wealth transfer trust are worth protecting, and the estate planner should put proper structures in place to prevent family conflict and abuse.
Read the article here.
Phia van der Spuy is a chartered accountant with a Master’s degree in tax, is a registered fiduciary practitioner of South Africa (FPSA®), a chartered tax adviser, a trust and estate practitioner, and the founder of Trusteeze®, the provider of a digital trust solution.