By Jameel Dalvi (Group Director)
The purpose of the Family Trust is to own all paid-up, risk-free assets. These include furniture, motor vehicles and certain investments (non-property). The Family Trust also represents the centre-point of a structured Last Will & Testament and Life Insurances.
Unfortunately, unlike furniture which is quick and easy to transfer to the Family Trust, vehicles require a little more effort. The registration department has also changed some of its processes recently, and therefore we wish to summarize the process for your reference.
1) You will require a Road Worthy Certificate before re-registering the vehicle at your local Vehicle Registration Authority
2) Along with the Road Worthy Certificate above, you will need take along the Letter of Authority, Trust Deed and typical FICA documents to your local Vehicle Registration Authority. A list of these offices can be found here
3) As the Trust is not a ‘person’, you will first require a Traffic Register Number before completing the necessary forms for re-registration. Ask for assistance in terms of which forms are to be completed
4) Once the Trust has been issued with the Traffic Register Number, the respective Re-Registration forms must be completed – these are different colour-coded forms and it is best that you ask for assistance about which are to be completed
5) And finally, once registered, please ensure that you furnish us with a copy thereof for our records. We will also attend to the Deed of Donation/Sale required to legally move ownership to the Family Trust
Trusts are only as useful as the effort put into them to ensure that they are used as intended, and properly maintained in general. Therefore, be sure to move your furniture and vehicles, and more importantly, ensure that your entire wealth/financial structure is up to date.
Feel free to contact any of the directors/management should you require more guidance or a consultation to review your structure.