- Intervivos Discretionary Trust
An Intervivos Trust is a trust registered during the lifetime of the founder thereof (intervivos) in which the trustees have a discretion as to their dealings with the trust assets and – income for the sole purpose of advancing the interests of the beneficiaries of the Trust.
Also known as a Mortis Causa Trust, a Testamentary Trust is a trust which comes into operation after the passing of the founder thereof. The prescriptions of a Testamentary Trust shall be recorded in the last Will and Testament of the founder. This trust is beneficial to heirs of a deceased estate under the age of 18 years, and shall the trustees pursue the protection of such assets until the heirs turn 18 years of age, or such age determined by the founder in the Will.
A Special Trust is registered if the intended beneficiary is mentally or physically disabled, alternatively where the beneficiary is a minor child. Often a Testamentary Trust also constitutes a Special Trust.
In terms of an Ownership Trust, the founder transfers ownership of the assets to the trustees (only in their capacity as such) for the sole benefit of the beneficiaries. An Ownership Trust is also known as an Ordinary Trust.
A Bewind Trust is a trust whereby ownership of the assets is transferred to the beneficiaries; however, the administrative duties and responsibilities of such assets vest in the trustees.