Trusts for polygamous marriages
This week, I came across an unusual reason for forming a trust.
The problem my client was faced with:
My visitor was the second wife in a polygamous marriage in community of property. It appeared that the husband wanted to treat both of his wives equally during his lifetime and upon his death.
Accordingly, he had purchased some residential units intended to provide his two wives with income upon his death. Even if all of the properties were equal now, they would not be equal in value at the time of his death, and thus there was the possibility that, upon his death, there would be a dispute between the wives as to which of them should receive which property.
The solution proposed by Harbour & Associates:
So a sensible approach was for him to form two trusts with each of the wives a beneficiary of one, and for the properties to be held within the trust structures. Because of the sensitivity and complexity of this matter, it is always advisable to opt for professional advice and help. Harbour & Associates have been dealing with complicated financial matters like this for decades. Our CEO, Derek Springett, has ample qualifications and experience and is ready to assist you with your financial wealth planning.
Get your estate planning in order:
Harbour & Associates offer new and shelf trusts for sale online. To purchase your trust today and start getting your estate planning on track, please visit our online store now by following this link – https://www.harbourassociates.co.za/product-category/trusts-and-wills/
Prefer to talk to a professional?
If you would like to discuss the best way forward with Derek before proceeding, you can contact him via any of the following channels: