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Costly words

A court case, The Abraham Krok Trust v SARS (Case No 58/2010), concerning a Trust housing some of the wealth of the Krok dynasty – themselves no strangers to the media – had the legal and tax fraternity abuzz.

29 Jul 2011 1 min read Article

One of the many attractive and distinctive features of the South African trust, is the fact that it is a vehicle which can exist ad infinitum. It thereby offers continuity as well as asset protection over generations. Yet it is precisely this potential longevity that complicates the trust draftsman’s brief as his work must be capable of dispelling any claims of vagueness and ambiguity in years to come yet must also make provision for a range of contingencies that is near impossible to foresee.For this reason, a trust deed’s provisions are generally drafted to ensure as much flexibility as possible for future unknown circumstances.

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