In the event of the board of Trustees consisting of only two Trustees, then a distribution of capital to such Trustee who is a beneficiary shall be made by the Trustees unanimously. This is because there was no annual family trust distribution statement. 11.10 A written resolution signed by all Trustees for the time being, or their respective alternates, shall be as effective as a resolution taken at a meeting of Trustees. loans, that the trust has. 19.1.5 the Trustees shall be indemnified out of and by the Trust against all claims and demands that may be made upon them arising out of the bona fide exercise of any of the powers conferred under this deed, subject, however, to the provisions of section 9 of the Trust Property Control Act 57 of 1988. Most of these trusts have no IRD number and have never had financial statements drawn up, much less a balance sheet - that's a one-page listing of assets e.g. A family trust is also known as a discretionary trust. 1.1.12 words importing the masculine gender shall include the female gender, and the singular shall include the plural and vice versa. September 2016 The Trustees' valuation of any asset distributed by them in specie in terms hereof shall be final and binding on all interested parties. It is not sufficient to simply include the words 'family trust' in your trust's name. 7.1 A Trustee shall be entitled to appoint another person (approved by the other Trustees in writing) to act as his alternate during his temporary absence or temporary unavailability to act as Trustee. The decision of the referee shall be final and binding on the Trustees and no Trustee or beneficiary shall make such decision the subject of any legal proceedings. does it have to follow a set format like company accounts? All excel templates are free to download and use. In particular, the financial statement review should cover: The checking of the transactions and balances noted in the financial statements against the records held for the Trust, The establishment of loan balances and the checking of all Deeds of Acknowledgement of Debt, Variable Interest Loan Agreements and other loan contracts; and. November 2013 If you read ahead you will understand why this Review and Meeting are important and the role the financial statements play. The family trust, now controlled by Andrew, rejects Eunice's claim. 26.1 Notwithstanding anything to the contrary in this deed contained: 26.1.1 no distribution shall be made by the Trustees to any person who is not for the time being a resident of the Republic of South Africa where such distribution or any consequent payment or delivery would constitute a contravention of the laws of the Republic of South Africa relating to currency or exchange control, and. The potential benefits of a family trust. The financial statements will be designed to meet the needs of the particular trust or estate so the format. April 2020 11.8 The Trustees shall meet at least once a year and shall decide upon the use and/or allocations of capital gains, capital profits, capital losses, operating losses, assessed losses, nett losses and profits earned or losses incurred or accrued by the Trust, and in accordance with clause 20.1, within their sole, absolute and unfettered discretion to determine, whether they are to distribute and pay any benefits to any beneficiary or to hold any capital gains, capital profits, capital losses, operating losses, assessed losses, nett losses, profits for the Trust. read more. A personal financial statement is a snapshot of your personal financial position at a specific point in time. presented; 1) the assets, liabilities, principal and income balances of the trust or estate at a point in time, 2) the activity of the . associations, foundations, funds, companies, partnerships, the state or any organ of the state and close corporations; 1.1.8 "welfare", besides the ordinary meaning of the word, also means the benefit, comfort, maintenance, education (including tertiary education), advancement in life and pleasures of the person concerned and shall include but not be limited to the cost of living, travelling, vacations, medical, dental and similar services, entertainment, tax, general care and provision, insurance, accommodation, motor vehicles, establishment in a business or a profession of the person concerned and all matters and purposes which the Trustees, in their discretion, consider to be in the interest or for the advantage of such person; 1.1.9 the words "capital", "capital gain", "capital profit", "capital losses", "losses", "operating loss", "assessed loss", "nett loss", "profits", and "income" shall be given their widest meaning and shall include assets of any kind and the word "distribute" and/or "pay" and its derivatives shall mean and include the words pay, deliver, use, benefit, make-over, give, possess or transfer and their respective derivatives; 1.1.10 the word "descendants" shall be given its widest meanings and shall include descendants (born or to be born) and adopted children; (the intent and purpose being that for all purposes under this Trust an adopted child shall be deemed to be the lawful issue of the person or persons who adopted him/her). February 2019 Distributor Statement Form Template . 4.1 The principal objectives of the Trust are: 4.1.1 to preserve, maintain and enhance the Trust property; and. January 2023 Being a Friendly Society means that we can focus on what's important to our members, such as providing quality products, services and member benefits rather than . To prepare an accurate trust accounting, an inventory of trust property, and copies of all account statements, invoices, and receipts must be kept. Any issue, event, resolution or motion which is not unanimously agreed upon shall constitute a dispute, disagreement or deadlock and shall be resolved as set out below. 1. PROFESSIONAL FEES AND BROKERAGE. 4.8.9.20 Added information for the Washington Paid Family & Medical Leave self-insurance. Furthermore, a Trustee has a duty to meet the tax obligations of the Trust and these obligations cant possibly be identified and satisfied if a Trustee doesnt know the financial position of the Trust. He is also an admitted Conveyancer, Notary Public and University Guest Lecturer. PDF editor permits you to help make changes to your Financial Statement . In exercising any powers of sale, whether conferred in this sub-clause or otherwise, they shall be entitled to cause such sale to be effected by public auction or by private treaty and in such manner and on such terms and conditions as they in their sole and absolute discretion may deem fit and in exercising any powers of lease they shall be entitled to cause any property to be let at such rental, for such period and on such terms and conditions as they, in their sole and absolute discretion may deem fit; 9.1.3 to invest in shares, stocks, debentures, debenture stock, unit trusts, warrants, options, bonds, gilts, securities, promissory notes, bills of exchange and other negotiable instruments, in the event of a company or a unit trust scheme prohibiting, in terms of its articles or regulations, the transfer of shares or units into the name of the Trust as such, the shares or units shall be registered in their personal names or in the names of their representatives and shall be held as nominees on behalf of the Trust; 9.1.4 to retain and allow the Trust property or any part or parts thereof to remain in the present state of investment thereof for so long as they think fit; 9.1.5 to lend money on such terms and at such interest, and to such persons (including beneficiaries and any Trustee of the Trust, or any director or shareholder of any company in which the Trust, any Trustee or beneficiary is interested, directly or indirectly or to companies in which the Trustees in their representative capacities or any beneficiary, holds shares, directly or indirectly) as the Trustees may determine, and with or without security as the Trustees may determine; 9.1.6 to dispose of and otherwise vary any Trust investment; 9.1.7 in their sole and absolute discretion, to borrow money for the purposes of discharging any liability of the Trust and/or for the purpose of paying income tax and/or for the purpose of making payment of capital and/or income, and or capital profits or gains to any beneficiary and/or for the purpose of making a loan to any beneficiary and/or for the purpose of making an investment and/or for the purposes of preserving any asset or investment of the Trust and/or for the purposes of conducting any type of business or in order to provide any type of services on behalf of the Trust and/or any other purpose deemed necessary or desirable by the Trustees, at such time or times, at such rate of interest or other consideration for any such loan and upon such terms and conditions as they may deem desirable. This could include the preparation of Resolutions, Deeds of Acknowledgement of Debt and Variable Interest Loan Agreements to name but a few documents. November 2021 Any Trustee engaged in any profession shall be entitled to charge for services rendered to the Trust at a rate to which he or his firm would have been entitled in the ordinary course of his profession or business. All bona fide costs and expenses incurred by the Trustees in the administration of the Trust or the exercise of the powers conferred upon them, shall be paid by the Trustees out of the Trust income, capital profits and/or Trust property as decided by the Trustees. Documentation (brokerage statements) must be presented supporting such losses. 2. the trust has ownership of an entity with losses. July 2013 Your customer number. Basic Distribution Statement Template; 12. 21.4 Notwithstanding anything to the contrary contained in this Deed, unborn children shall not be recognised as having any rights under this Deed or to the Trust property or any part of the Trust property and the Trustees shall not be required to take any account of unborn children in their administration of the Trust or any decision affecting the Trust including any decision to terminate the Trust. July 2022 May 2014 If any trust earns an income, including a family trust, the IRD expects you to prepare financial statements and file tax returns. PREAMBLE. Information provided on this website is not intended to provide an exhaustive or comprehensive statement of tax law, nor is necessarily accurate and therefore should not be used as a substitute for considered written advice. 11.4 Subject to 6.2 above, the quorum necessary at any such meeting shall be two Trustees, provided that for so long as XXX is a Trustee, her presence (in person or by alternate) shall be necessary to constitute a quorum, save that in the event there are only two Trustees nominated to the board of the Trust both their presence shall be necessary to constitute a quorum. Create Document. If you prepare financial statements for private enterprises, private sector not-for-profit organizations or public companies, the Model . Upon the Founder ceasing to be a Trustee, her father, DIEDERICK JOHANNES KRIEL, shall be appointed a Trustee of the Trust. A trust is an obligation imposed on a person or other entity to hold property for the benefit of beneficiaries. Accounting for your rental residential investment property; specialised property tax advice. BENEFITS OF TRUST EXCLUSIVE TO BENEFICIARY. 7.2 In the event of all serving Trustees being so absent or incapable of performing their duties, they are entitled by mutual power of attorney to nominate another person or persons to temporarily act in their place and stead as Trustees of the Trust. Any additions so accepted and acquired shall be deemed to form part of the Trust property to be administered and dealt with subject to the terms of this deed; 9.1.42 to be entitled to treat as income, or capital profits or gains any periodic receipts although received from wasting assets, and shall not be required to make provision for the amortisation of the same. This will help your trust prepare accurate financial statements. May 2017 If any beneficiary shall die before attaining a vested interest hereunder without leaving issue then the share of the Trust property which would have gone to such beneficiary shall devolve upon the remaining beneficiaries in equal shares or their issue by representation per stirpes. All negotiable instruments, contracts, deeds and other documents which require to be signed on behalf of the Trust shall be signed in such manner as the Trustees shall from time to time determine; provided that all such negotiable instruments, contracts, deeds and other documents shall be signed by XXX or her alternate, should she be a Trustee at the time. 20.2 The Trustees shall use, pay, distribute or apply the whole or portions of the Trust capital and Trust property, in such proportions and at such time or times as they in their sole, absolute and unfettered discretion determine, for the benefit of or to all or any one or more of the beneficiaries, without the necessity to maintain equality between the beneficiaries; provided that, without the unanimous consent of all the Trustees for the time being, capital distributions shall not be made to a beneficiary who is also a Trustee. Any Trustee shall be entitled to appear personally or by a single agent, duly appointed, but without any legal or other professional assistance before the referee, and the proceedings shall be conducted as informally as possible. and conditions as more fully set out hereunder. March 2013 MSDS. Insure Trust assets, e.g. 11.7 The Trustees shall keep minutes of all meetings of Trustees concerning the affairs of the Trust. Trusts are a popular way of protecting property and managing assets. Advertisements. 1.1.4 "the Trust" means the Trust created in terms of this deed; 1.1.5.1 the settlement referred to in clause 2 below; 1.1.5.2 any other monies, property or assets which the Trustees, in their capacity as such, may acquire by donation, inheritance, purchase, investment, re-investment, loan, exchange or otherwise, and. The trust instrument formalises these wishes and is an essential requirement of a valid trust. In terms of the Trust Property Control Act, 57 of 1998, a trust is defined as "an arrangement . | The trust shall be known as THE ______________________TRUST. It never fails to amaze me the number of Trustees that dont have annual financial statements prepared for the Trust they are administering. 5.3.1 to indicate clearly in their bookkeeping that the Trust property or any capital profits, capital gains, profits or income of the Trust is held by them in their capacities as Trustees; 5.3.2 if applicable, to register Trust property or keep the Trust property registered in such a manner to make it clear from the registration that it is a Trust asset; 5.3.3 to make any account or investment at a financial institution identifiable as a Trust account or Trust investment; 5.3.4 in respect of any other Trust asset to make such asset clearly identifiable as a Trust asset; and. 11.5 If there is no quorum, the Trustees may adjourn the meeting for 24 hours or such longer period as they shall determine, and at the continuation of the said adjourned meeting those Trustees who are present shall form a quorum provided that the absent Trustees have received reasonable notice of the adjournment and continuation of the meeting. Carver Charitable Trust Statements of Financial Position April 30, 2015 and 2014 Assets 2015 2014 Cash $ 634,258 $ 964,769 Money market funds 3,589,994 2,604,416 Total cash and cash equivalents 4,224,252 3,569,185 Accrued investment income 461,729 423,079 Excise taxes receivable 16,000 - Investments 313,052,316 303,571,366 A family trust is an agreement where a person or a company agrees to hold assets for others' benefit, usually their family members. Should, perchance, all the beneficiaries be deceased and there be income or capital of the Trust or any Trust property on hand, the Trustees shall, in order to terminate the Trust, pay or deliver such income or capital to or on behalf of the heir or heirs (testate and/or intestate, as determined by the Trustee, having regard to the respective financial circumstances of such heirs) of one, some or all of the beneficiaries, in such proportions as the Trustees in their discretion determine. this Trust shall immediately and entirely thenceforth cease and those rights and hopes shall thereupon and subject to the provisions below, vest in the Trustees to be dealt with by them, subject to the conditions of paragraphs 23.3.1 and 23.3.2, namely: 23.3.1 no such beneficiary shall be obliged to repay to the Trust any amounts previously paid or advanced to him by the Trust; 23.3.2 the Trustees shall be entitled, in their discretion, to continue to hold in this Trust for the lifetime of the beneficiary concerned (or such lesser period as they may decide on) the share or part of the share of the Trust Property and capital to which he would, but for the provisions of this clause 23, have been or become entitled and to pay, or without detracting from the other powers conferred on them and subject to such conditions as they may decide to impose, to advance to or to apply for the benefit of him or his brothers and sisters, his spouse, descendants or dependents for his or their maintenance, such portion of the amount so held by them or of the income accruing there from as they in their discretion shall deem fit, and in the case of a Trust; 23.3.2.1 if the Trustees do continue to hold the said share of the Trust. 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