Streamlining Trust Termination: Expert Insights and Services

The webinar focused on the process of terminating a trust, discussing the reasons for closing a trust and the steps involved. Alan Hockey and Brian Payne explained that unused trusts can become liabilities due to potential government penalties and the administrative burden. They emphasized that there's no such thing as a dormant trust; it is either active or closed. For those with multiple trusts, they advised a streamlined process to avoid repetitive tasks. They highlighted the importance of understanding the trust's scope, including whether it has a bank account or is registered with SARS.

Hockey detailed their service, which simplifies the termination process. Clients can start by visiting their website, LEMS Systems, to initiate the process. They provide a comprehensive service that includes preparing necessary documents, liaising with the Master's office, and ensuring compliance with tax regulations. They offer personalized assistance and a portal for tracking progress, aiming to make the process as efficient as possible.

Brian joined later, explaining the legal implications of improperly terminating a trust, such as potential liabilities for trustees. He clarified that the process is generally the same for different types of trusts, but complexity may vary. Costs for termination range based on complexity, and the service includes obtaining necessary clearances from authorities. The speakers reassured that they handle the bulk of the process, making it manageable for clients.