Description

There are two types of trusts, namely the inter-vivos trust and the testamentary trust. The inter-vivos trust is created between living persons, whereas the testamentary trust is derived from the valid will of a deceased person.

Steps to follow

• To register an inter-vivos trust:
           
  • register at the office of the Master in whose area of jurisdiction the greatest portion of the trust assets is situated. If more than one Master has jurisdiction over the trust assets, final jurisdiction will rest with the Master of the office where the trust was first registered.
• Submit the following documents to the Master:    
  

• a completed Acceptance of Trusteeship application form for each trustee (to be completed by the trustee)
• a completed Form Form J344: Undertaking and Bond of Security if required by the Master for each trustee
• all the requirements listed in JM21: Memorandum
• the original trust deed or a copy thereof, certified by a notary
• R100 – in the form of either uncancelled revenue stamps affixed to the trust document or a stamp impressed with a franking machine approved by the Commissioner for Inland Revenue
• an undertaking by an auditor, if applicable – see paragraph 5.2 of JM21: Memorandum
• To register a testamentary trust:          

• Complete and submit the following documents:
  
  
• an Acceptance of Trusteeship for each trustee (to be completed by the trustee)
• a bond of security by the trustees, if required by the Master – Form J344: Undertaking and Bond of Security
• all the requirements listed in JM21: Memorandum
• the last will of the deceased shall serve as the trust document, and no fees are payable.
• On receipt of all the documents required, the Master shall issue the nominated trustees with letters of authority to administer the trust. No nominated trustee may act as trustee without written authorisation by the Master.
• All financial statements must be kept and, if asked to do so, submitted to the Master. This may be required if the Master receives any queries about the administration of the trust. 

Legal framework

Trust Property Control Act, 1988 (Act 57 of 1988) and its related Regulations

Service standard

The time frame for registering a trust depends on the complexity of the application.

Cost

• Inter-vivos trust:          

• R100    

• in uncancelled revenue stamps, affixed to the trust document or
• in the form of a stamp impressed on the trust document by means of a franking machine approved by the Commissioner for Inland Revenue.
• Testamentary trust: No fees are payable and the last will of the deceased shall serve as the trust document.
• For more information, please contact the Master’s office.

Forms to complete

(Forms are provided in PDF format. To open PDF documents, you need to have Adobe Acrobat Reader 4 or higher installed on your computer.)

• Acceptance of Trusteeship, to be completed by each trustee
• Bond of security by the trustees, if required by the Master – Form J344: Undertaking and Bond of Security
• All the requirements in JM21: Memorandum
• An undertaking by an auditor, if applicable – see paragraph 5.2 of JM21: Memorandum

Contact details