The Heritage of Property and our Heritage Day Promotion
It is Heritage Day soon in South Africa so I looked up the meaning of the word heritage. In one definition I saw it means the “features belonging to the culture of a particular society, such as tradition, languages, or buildings, that were created in the past and still have historical importance .”
In another definition it said it is “property that is or may be inherited, and inheritance.”
It got me thinking again about that much of what we do isn’t always for ourselves but for our children and the generations after us. We want to create a heritage and a legacy beyond our time on this earth. It is our philosophy at FinServe that this is really where the true benefit of trusts lie, especially when it comes to property. We therefore wanted to offer our clients an exciting promotion for Heritage Day, but more details about that below.
Firstly, I wanted to remind you that there are a few things to keep in mind specifically about a trust acquiring property:
- Trustees cannot enter into agreements until they have been issued with a Letter of Authority by the Master of the High Court, including an Offer to Purchase. Therefore the trust acquiring the property must already be in existence before acquiring any property.
- The trust deed must give the power to the trustees to in fact buy and sell property on behalf of the trust. Trustees are confined by the powers set out in the trust deed and therefore it must be meticulously drafted.
- The bank granting the mortgage bond to acquire the property will require that an individual, usually one or more of the trustees, stand surety for the loan on behalf of the trust. It is therefore important that personal assets are protected in a separate family trust.
With that said we would like to offer you a generous discount for Heritage Day on registering your Property Trust. If you confirm the registration between now and the close of business the day after Heritage Day, being Wednesday the 25th of September, you will receive a 40% discount on the trust registration fee.
Yours in Trust,
FinServe Legal & Trust
Terms and Conditions – Payment for the Heritage Day Trust Special is to be received on or before Wednesday the 25th
of September 2019. The 40% Heritage Day discount is subject to the standard Trust Formation fee of R7,000-00 (ex vat) and no additional discounts will be applied. A Heritage Day Trust Formation is subject to FinServe being appointed as the Trust’s Accountants and Independent Trustee at standard rates for a minimum of 12 months. The Trust’s formation is to be finalised no later than 6 months after receiving payment, thereafter, FinServe reserves the right to cancel. Should any of the aforementioned conditions not be met, FinServe reserves the right to remove the 40% discount allocated to the Trust’s formation to which you will be held liable to settle the full fee prior to said Trust’s creation. Please note that the aforementioned 40% discount will not be applied to any other service offered by FinServe Legal & Trust