LPL4805 PORTFOLIO MEMO - MAY/JUNE 2023 - SEMESTER 1 - UNISA - (DETAILED ANSWERS - DISTINCTION GUARANTEED!)
Question 1.
1.1.1. Distinguish between an inter vivos trust and mortis causa trust
(10)
1.1.2. The founder of a trust, together with the trustee has just executed a deed of trust before ...
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LPL4805
Notarial Practice
PORTFOLIO MEMO
SEMESTER 1 - 2023
UNIQUE NUMBER: -
Due Date: - 26th MAY 2023
Includes Footnotes and/or Bibliography
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, Question 1.
1.1.1. Distinguish between an inter vivos trust and mortis causa trust
(10)
An inter vivos trust: The founder of a trust may create a trust during his or her lifetime (1)
in terms of which he or she transfers assets (1) during his or her lifetime to a trustee to
control (1) and administer in favour of the beneficiary (1). The trust is established when
the founder and the trustee conclude the agreement, or at such later time that they may
determine (1). An inter vivos trust may also be created in an antenuptial contract (1).
A mortis causa trust: Such a trust may be created in terms of a provision in a will (1), and
comes into operation on the death of the testator (the founder) (1). A testamentary trust
may also be embodied in an antenuptial contract (1).
[See study unit 6.]
1.1.2. The founder of a trust, together with the trustee has just executed a deed of
trust before you, a notary. Indicate the key requirement that the trustee must be in
order qualify to act as such.
(1)
Answer:
The trustee must accept his or her nomination as trustee (1).
The original trust deed or a certified copy thereof, under cover of the prescribed covering
letter (1) and against payment of the prescribed fee (1) and the furnishing of security, if
required (1), must be lodged for registration with the Master of the High Court who has
jurisdiction (1). The Master must issue letters of authority (1).
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