Trusts 2022 - Are Trusts still relevant
Presenters : Carmen Westermeyer
Overview
Trusts are dynamic and evolving entities that are constantly changing. As such we need to keep our fingers on the pulse and continually review the position of trusts. Trust have traditionally been used because they offer flexibility and minimal compliance requirements. The master had minimal oversight of the operations of the trust and trustees could pretty much dictate terms. These days are gone, for a number of reasons. Firstly, beneficiaries are far more aware of their rights than they used to be. Secondly, the introduction of Section 7C has put a spotlight on beneficiary distributions and highlighted multiple different interpretations. The aim of this session is to provide you with an overview of the compliance requirements when dealing with trusts.
This Trusts: Governance, Accounting and Tax Issues Series consists of three parts (each recording can be attended independently.
Recording 1: Are Trusts Still Relevant?
- The function of a trust.
- Do you have a trust?
- Roles of trustees, beneficiaries, accountants, and auditors.
Competencies developed in this CPD
After attending these recordings, you will be:
- Updated on the compliance requirements when dealing with trusts.
- Competent to apply the fundamental concepts of a trust as well as the components that need to be managed.
- Able to advise clients on the key case law that sets the precedence of how trusts function and need to be administered.
- Informed about the role of the Trust Property Control Act.
- Updated on the responsibilities of auditors and accountants with regard to trusts.
- Able to advise clients on the framework and tax laws that affect trusts.