Who legally owns trust property?
The trustee
The trustee is the legal owner of the property in trust, as fiduciary for the beneficiary or beneficiaries who is/are the equitable owner(s) of the trust property. Trustees thus have a fiduciary duty to manage the trust to the benefit of the equitable owners.
Can property held in trust be sold?
The short answer is yes. You typically can, unless the trust documents preclude the sale. However, there are many factors to consider. The process depends on the type of trust, whether the grantor is still living, and who is selling the home.
What is a trust in South African law?
A trust is often described as a tripartite legal relationship. A trust is a structure which has been set up by the founder to which property is transferred and is then administered by trustees on behalf of one or more beneficiaries, in accordance with the deed of trust or will (as the case may be).
How many trustees must a trust have South Africa?
This has been the situation since the landmark case of Land and Agricultural Bank of South Africa v Parker and others 2005(2)SA77(SCA). The ideal number of trustees is three: not too many to make the administration of the trust burdensome and an uneven number so that a majority decision can be effected, where required.
What is trust property law?
Definition – According to Indian Trust Act, trust means an obligation annexed to the ownership of property, & arising out of a confidence reposed in & accepted by the owner for the benefit of another or for another and owner.
What does it mean if the property is held in trust?
HELD IN TRUST Definition & Legal Meaning A term used to describe property held by a person who is not the owner but who is a trustee or an agent. TLD Example: The parties to the contract agreed to have the down payment held in trust by the attorney for the seller until the transaction was completed.
When can sell property under trust?
Under the latest Insolvency, Restructuring and Dissolution Act, there is a minimum holding period of 3 years. Meaning the trustees cannot sell this property within 3 years of its purchase.
What is the trust property Control Act?
The Trust Property Control Act 57 of 1988 intends: to regulate further the control oftrust property; and. to provide for matters connected therewith.
Can trustees and beneficiaries be the same?
Both the settlor and/or beneficiary can be a trustee, however if a beneficiary is a trustee it could lead to a conflict of interest – especially when trustees have the power to decide by how much each beneficiary can benefit.
Can a trustee sell trust property to himself?
—Every trustee may re-imburse himself, or pay or discharge out of the trust property, all expenses properly incurred in or about the execution of the trust, or the realisation, preservation or benefit of the trust property, or the protection or support of the beneficiary.
What is the Trust Act of 2021?
Introduced in Senate (04/21/2021) This bill establishes congressional rescue committees to develop recommendations and legislation to improve critical social contract programs.
How does property in trust work?
In a trust, assets are held and managed by one person or people (the trustee) to benefit another person or people (the beneficiary). The person providing the assets is called the settlor. Different kinds of assets can be put in trust, including: cash.
Why do people buy property in trust?
Key Takeaways. Buying a home in trust can give you greater control over what happens to the property when you die and possibly avoid inheritance taxes. A revocable trust allows you to change the beneficiary and other terms at any time. An irrevocable trust is much harder to change but offers tax advantages.
How do I remove a trustee from a trust in South Africa?
Section 20 of the Act: “A trustee may on application of the Master or any person having an interest in the Trust property, at any time be removed from his office by the court if the court is satisfied that his removal will be in the interests of the Trust and its beneficiaries.”
How do I sue a trust in South Africa?
A trust itself cannot sue or be sued, because it is not recognised as a legal persona, but rather a legal persona sui generis (which means of its own kind or class), in South Africa (Rosner v Lydia Swanepoel Trust case of 1998).
What are the disadvantages of putting your house in trust?
While there are many benefits to putting your home in a trust, there are also a few disadvantages. For one, establishing a trust is time-consuming and can be expensive. The person establishing the trust must file additional legal paperwork and pay corresponding legal fees.
Can a trustee remove a beneficiary from a trust?
In most cases, a trust deed generally offers two processes for the removal of a beneficiary. Most commonly, the beneficiary can sign a document to renunciate all interests as a beneficiary. Otherwise, the trustee may have discretionary power to revoke the beneficiary.
Can a trustee sell trust property?
—Where the trustee is empowered to sell any trust property, he may sell the same subject to prior charges or not, and either together or in lots, by public auction or private contract, and either at one time or at several times, unless the instrument of trust otherwise directs.
When did Trust Property Control Act 57 of 1988 come into effect?
TRUST PROPERTY CONTROL ACT 57 OF 1988 TRUST PROPERTY CONTROL ACT 57 OF 1988 [ASSENTED TO 1 JUNE 1988] [DATE OF COMMENCEMENT: 31 MARCH 1989] (Afrikaans text signed by the State President)
How has Section 8 of the Trust Property Control Act been amended?
Section 8 has been amended by the substitution of paragraph (a) of the proviso to subsection (1). © 2005 Juta and Company, Ltd. TRUST PROPERTY CONTROL ACT 57 OF 1988 Page 8 of 8 http://juta/nxt/print.asp?NXTScript=nxt/gateway.dll&NXTHost=juta&function=fullac… 2009/06/18
When does the trust moneys Protection Act not apply?
This Act shall not apply to a trust which has been exempted by any other Act from the application of the Trust Moneys Protection Act, 1934 (Act 34 of 1934), or to a scheme in terms of the Participation Bonds Act, 1981 (Act 55 of 1981). 26 Amendment or repeal of laws, and savings
When to authorize the trustee in writing to perform specified acts?
(3) (d), in terms of a trust instrument: . Provided that where the furnishing of security is required, the Master may, pending the furnishing of security, authorize the trustee in writing to perform specified acts with regard to the trust property. · 15 (3) The Master may, if in his opinion there are sound reasons to do so- .