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Trading trusts, asset protection trusts, settlement trusts, charitable trusts as well as special trusts are all aimed at ensuring the security of the purpose for that which that Trust was set up for. In terms of deceased estates, a Trust can be set up to secure inheritance for the benefit of heirs.
Although the administration of a deceased estate involves the distribution of benefits to legatees and beneficiaries, the law also requires that applicable taxes and deductions be made before any distribution can be made.
It is important that deductions and taxes are taken into consideration during estate planning and when a will is drawn as this is a complex process especially when the concerned has died.
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