LEMS - Simplifying Trust Closures: A Game-Changer for Trustees

As the Financial Action Task Force (FATF) tightens its regulatory grip in 2025 and beyond, trustees face increasing scrutiny over the management of their trusts. Dormant or inactive trusts are no exception – trustees are liable for compliance lapses, regardless of the trust’s activity.

LEMS Simplifying Trust Closures

The good news? Legal Entity Management Systems (LEMS) is here to simplify and streamline trust closures, offering trustees a stress-free way to stay ahead of looming enforcement and massive penalties.

LEMS is an innovative, high-tech solution that revolutionises the traditionally complex process of closing a trust. Designed to be user-friendly and efficient, LEMS transforms the initial onboarding from what could take weeks into a few simple steps. By answering just 16 questions on our electronic form, trustees can begin the closure process, receiving instant clarity on their trust’s status and the way forward. The system generates a comprehensive, pre-populated starter pack of documents tailored to their specific needs.

But LEMS doesn’t stop there. A dedicated team member follows up with a personal call to guide trustees through the next steps. Once documents are signed, collected, and uploaded to the personalised and secure LEMS portal, the team takes over, meticulously reviewing submissions for completeness and accuracy.

What sets LEMS apart is its ability to handle the most cumbersome aspects of trust deregistration. From navigating long queues to managing government department feedback, LEMS ensures the process is seamless. Cover letters are professionally crafted to meet the exacting standards of these departments, complete with an indexed pack of supporting documents prepared in advance.

For trustees burdened by dormant or obsolete trusts, there’s no simpler or faster way to close the chapter. With LEMS, you can release yourself from the looming penalties and obligations of managing a trust and move forward confidently, knowing compliance risks are a thing of the past.

Take the stress out of trust closures – choose LEMS.

For more information contact:

Alan Hockey: +27 (0)71 673 9937

Brian Payne: +27 (0)83 309 1982

W: www.lemsystems.co.za