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    Family Trust Funds - Zimre Group Pension Scheme

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    Tinomudaishe
    The Zimre Group Pension Fund is partnering with Marufu Attorneys to help pension fund members establish individual family trusts. The pension fund will cover initial setup costs, while members will be responsible for ongoing administrative expenses. This offer is available to all contributing pension fund members. The document then provides details on what a trust is, the trust registration process, trustees' roles and responsibilities, and how a trust works.

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    Family Trust Funds - Zimre Group Pension Scheme

    Uploaded by

    Tinomudaishe
    22 views1 page
    The Zimre Group Pension Fund is partnering with Marufu Attorneys to help pension fund members establish individual family trusts. The pension fund will cover initial setup costs, while members will be responsible for ongoing administrative expenses. This offer is available to all contributing pension fund members. The document then provides details on what a trust is, the trust registration process, trustees' roles and responsibilities, and how a trust works.

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    The Zimre Group Pension Fund is partnering with Marufu Attorneys to help pension fund members establish individual family trusts. The pension fund will cover initial setup costs, while members will be responsible for ongoing administrative expenses. This offer is available to all contributing pension fund members. The document then provides details on what a trust is, the trust registration process, trustees' roles and responsibilities, and how a trust works.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    22 views1 page

    Family Trust Funds - Zimre Group Pension Scheme

    Uploaded by

    Tinomudaishe
    The Zimre Group Pension Fund is partnering with Marufu Attorneys to help pension fund members establish individual family trusts. The pension fund will cover initial setup costs, while members will be responsible for ongoing administrative expenses. This offer is available to all contributing pension fund members. The document then provides details on what a trust is, the trust registration process, trustees' roles and responsibilities, and how a trust works.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 1

    Zimre Group Pension & Life Assurance

    Scheme
    Members Individual Family Trusts

    As part of retirement planning for the Zimre Group Pension Fund members, the Board of Trustees of the fund have approved a scheme where,
    The Zimre Group Pension Fund in partnership with Marufu Attorneys - At-Law, will help active Pension Fund members create individual Family
    Trust Funds.

    The initial set up costs will be carried by the fund, but members will meet the periodic administrative costs such as amendment fees, should they
    decide to amend it. This offer is only available to all eligible (contributing) members of the Pension Fund.

    What is a Trust? How long does it take register a trust?


    A Trust exists where a founder hands over to a trustee(s) the Once you furnish the lawyers with all the information
    control of property which is to be administered for the benefit required, the process take about 10 working days to be
    of the beneficiaries. A good example is when parents donate completed
    a house/property for the benefit of their children.
    Other legal processes that must be done after
    Why a Trust? registration of the trust.
    1. A Trust is a vehicle that can be used to protect assets, Properties that were donated to the trust should be
    direct them into the right hands in the present and in the transferred into the ownership of the Trust. This process can
    future, resulting in the property being secured even long be done at any stage after the Trust is registered. Should
    after the original asset owner's death. someone die before the transfer is done, this process can
    2. A Trust is a legal entity employed to hold property, so the always be finalized by the Trustees.
    assets are generally safer than they would be with an
    individual. Even a relative with the best of intentions Are Trustees paid remuneration for their services?
    could face a lawsuit, divorce, or other misfortune, putting This depends on the terms of the Trust Deed, but family
    those assets at risk. trusts' trustees do not necessarily have to be paid as they are
    3. Some individuals use trusts simply for privacy. The usually close family members such as spouse, children, or
    terms of a will are public in some jurisdictions. The same close relative. In some instances, one may opt to appoint a
    conditions of a will may apply through a trust, and professional as a trustee in which case there may be
    individuals who don't want their wills publicly posted opt remuneration payable. The Trust Deed usually stipulates
    for trusts instead. whether they will be paid allowances for expenses incurred
    4. Trusts can also be used for estate planning. Typically, while doing services for the benefit of the trust.
    the assets of a deceased individual are passed to the
    spouse and then equally divided among the surviving Who can be appointed as Trustees?
    children. However, children who are under the legal age A family trust is a creation of a family and therefore, the
    of 18 need to have trustees. The trustees only have founder nominates and appoints trustees of his choice. The
    control over the assets until the children reach board of trustees may also be given powers to appoint
    adulthood. trustees for the duration of the trust and the trust deed
    5. Trusts can also be used for tax planning. In most cases, provides the procedures to be followed in coming up with the
    the tax obligations for Trusts are lower compared to rightful candidates. If the board of trustees cannot appoint the
    other alternatives. For instance, if one dies and leave trustees for whatever reason, the court can be roped in to
    behind a will or if they die without a will, there are taxes assist.
    payable for an estate to be wound up as the Master's
    fees, Executor's fees and government duty which are Who supervises and monitors Trustees?
    not due if one creates a trust. In some cases, The Trust Deed sets out the parameters in which Trustees
    beneficiaries end up selling some assets to raise the are expected to abide by. It sets out their obligations and
    required fees. As such, the usage of Trusts has become duties to the Trust, and If they do not abide by, they will be
    a staple in tax planning for individuals and even for removed from their positions as trustees. They may even be
    corporations. sued by the trust itself or its beneficiaries for overstepping or
    6. Assets in a Trust benefit from a step-up in basis, which for being negligent in the execution of their duties and
    can mean a substantial tax savings for the heirs who obligations.
    eventually inherit from the trust. By contrast, assets that
    are simply given away during the owner's lifetime Who has the mandate to dissolve a family trust?
    typically carry their original cost basis. A family trust is normally given a lifetime by the founder and
    the detail of the dissolution is in terms of the procedures to be
    How does trust work? followed will be stipulated in the trust. However, it is wise to
    give it perpetual existence so that the assets can benefit
    Requirements generations.
    • Founder(s)' full name, ID numbers and addresses
    • Trustee(s)' full name, ID numbers and addresses Who will have custody of the Trust deed?
    • Beneficiaries' full details Once a Trust has been registered, the original copy of the
    • Proposed name of the Trust deed will be filed with the Deeds Office both in Harare and
    • Details of trusts objects (i.e. properties to be donated to Bulawayo. The founder and the Notary Office will have
    the trust-note that even if assets are not readily available copies too.
    one can create a trust and put the property in trust at a
    later stage)
    • Registration fees

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