Buying house in a trust
Question if Mom buys a house and the house is registered in a trust in the name of the 3 remaining children. Can she still leave the house in her will to 1 of the siblings after her death. Or should two of the trustees agree to to this after her death.?
Trusts are of 2 types in South Africa- an inter-vivos trust and a testamentary trust. The former is created between living persons; while the later is derived from a valid will of a deceased. As your mother is still alive and well, I’m sure you are referring to the first one.
The Trust Property Control Act does not say how to deregister a trust. However the common law say that it can be terminated in circumstances such as by statute, fulfillment of the object of the trust, failure of the beneficiary, renunciation or repudiation by the beneficiary, destruction of the trust property.
In essence, your mother has to make a choice the type of trust she wants.