As stated in the preamble to the Amendment Act, the new legal regime for registration of family trusts in aimed at promoting the usage of family trusts for purposes of preservation of inter-generational wealth.
A family trust enables you to create a legal mechanism whereby your personal assets or your family assets can be accumulated, multiplied and passed onto the named beneficiaries throughout generations. It also allows you to outline how you want your affairs to be handled in the event you are incapacitated due to old age or mental illness.
As stated in the preamble to the Amendment Act, the new legal regime for registration of family trusts in aimed at promoting the usage of family trusts for purposes of preservation of inter-generational wealth.