South Africa Law
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Hi There - Can I just clarify - is the Estate wound up and do you have a release from the Master?
In General you would need the following:
An original Resolution signed by all the trustees in which they resolve to deregister the trust which states the ground on which the trust is being deregistered, example
1. Fulfilment of the object of the trust
2. Failure of the beneficiary, eg by death
3. Renunciation/Repudiation by the beneficiary
4. Destruction of the trust property
5. By the operation of a resolutive condition;
6. The resolution must also confirm that the beneficiaries have received the
Benefit in terms of the trust deed.
2. An original NIL financial bank statement; and
And most importantly a release from the Master of the High Court.
I hope this helps - please remember to rate my answer.
The trust was formed as instructed in the will BUT all funds were transferred to the surviving spouse before the deceased's death leaving only a small amount for the trust. Three payments were made to the income beneficiary (surviving spouse who also died in the mean time).
The rest of the funds were distributed to the children (capital beneficiaries) after the surviving spouse's death.
A recon was drawn up. The banking account has been closed.
Must a tax return be handed in and financials drawn up for 12 transactions? Can the trust be dissolved?