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Guardian Trust

Safeguard your policy proceeds for your children or other minor beneficiaries.

The Guardian Trust is a safe alternative to the Guardian Fund of the Master of the High Court. Policy benefits payable to minors can be managed on their behalf by the trustees of the Guardian Trust to the sole benefit of the beneficiaries.

What is a Guardian Trust?

Where a minor child has been nominated as beneficiary of your life policy proceeds, the insurer would be obliged to pay their portions to their natural/legal guardian to manage on behalf of the child.

Unfortunately, this can result in the child not being the sole beneficiary as the guardian may use the money for other purposes, such as paying off creditors. The guardian might also not be financially competent to manage and invest the funds wisely.

Nominating a trust will be the solution, as benefits payable by policies to minor beneficiaries can be managed on their behalf, and to their sole benefit, by the trustees of the trust.

Important: A nomination form must be completed and signed to indicate that the benefit must be managed on behalf of the beneficiary, in the Sanlam Guardian Trust.

Who Needs a Guardian Trust?

  • A minor child who was nominated as beneficiary of policy proceeds
  • A person/parent who’d like the peace of mind that the proceeds will be used to the sole benefit of the child.

Role and Appointment of Trustees

The trust account will be set up free of charge, as it will be managed under the Sanlam Trust Guardian Trust Umbrella deed registered at the Master of the High Court (Reference IT4509/98).

The trust deed contains the provisions according to which the benefits paid to the trustee are to be administered.

The trustees administer the trust assets at all times for the sole benefit of the beneficiaries in accordance to the provisions of the deed.

The Trustees are not obliged to provide the Master of the High Court, or anyone else, with security for the proper execution of its duties as trustees of the trust.

Sanlam Trust indemnifies the beneficiaries against any loss or damage which may occur in the event of negligence, dishonesty or fraud caused by any Sanlam Trust staff.

Guardian Trust Administration

  • A separate trust account is set up for each beneficiary. The trust provides protection against injudicious application of the minor’s funds
  • Independent and professional trustees share the financial responsibility of the minor with the natural/legal guardian
  • Regular maintenance payments are made to beneficiaries or their guardians/caregivers according to the needs of the minor child after a proper needs analysis had been done
  • Ad-hoc payments can be made for other needs such as school fees, medical costs and other necessities
  • Annual benefit statements of the trust account are provided to the beneficiary/guardian. These are also available on request throughout the year
  • Objective investment management in order to meet the child’s income and capital needs properly
  • The capital is invested professionally according to the unique circumstances of each beneficiary to ensure maximum protection and growth
  • Beneficiary/Guardian ID-cards: This card enables guardians and beneficiaries to contact us via the various Sanlam contact centres. This card also identifies beneficiaries and guardians as our clients, leading to better client service.

 Wills, Trusts and Estates

 

 

Willshttp://www.sanlam.co.za/personal/financialplanning/willstrustsestates/Pages/wills.aspxWillsSanlam provides professional advice on drafting wills in SA. Our specialists provide financial peace of mind when planning the distribution of your estate.A will gives details of how you want your assets to be distributed after you die. It represents financial peace of mind for you and those you leave behind.http://www.sanlam.co.za/CoZaBannerImages/SanlamTrust_Banner2.jpg?RenditionID=5, /CoZaBannerImages/SanlamTrust_Banner2.jpg?RenditionID=5
Online Willhttp://www.sanlam.co.za/personal/financialplanning/willstrustsestates/Pages/online-will.aspxOnline WillIf you require a will that is simple and straight forward, our online will is exactly what you need. It is easy to complete and you’ll be able to print out and sign your will there and then.http://www.sanlam.co.za/CoZaBannerImages/OnlineWills_banner_content.jpg?RenditionID=5, /CoZaBannerImages/OnlineWills_banner_content.jpg?RenditionID=5
Trustshttp://www.sanlam.co.za/personal/financialplanning/willstrustsestates/Pages/trusts.aspxTrustsEnsure that your assets are preserved and efficiently managed with a well-planned trust from Sanlam. Our range includes family inter vivos & testamentary trusts.A well-planned trust represents an effective solution to transferring your assets, looking after your loved ones and reducing tax on your death.http://www.sanlam.co.za/CoZaBannerImages/SanlamTrust_Banner3.jpg?RenditionID=5, /CoZaBannerImages/SanlamTrust_Banner3.jpg?RenditionID=5
Guardian Trusthttp://www.sanlam.co.za/personal/financialplanning/willstrustsestates/Pages/guardian-trust.aspxGuardian TrustSafegaurd policy proceeds for your children with a guardian trust from Sanlam. Enquire online or contact us on: 0860 726 526.Get peace of mind that you children will be the sole beneficiaries of your life policy proceeds in the way you intended.http://www.sanlam.co.za/CoZaBannerImages/SanlamTrust_Banner4.jpg?renditionID=5, /CoZaBannerImages/SanlamTrust_Banner4.jpg?renditionID=5
Beneficiary Fundhttp://www.sanlam.co.za/personal/financialplanning/willstrustsestates/Pages/beneficiary-fund.aspxBeneficiary FundRequest a Sanlam trust beneficicary fund on behalf of your minor children that will allow the transfer of benefit in the event of the death of a retirement fund member.If you are a member of a pension fund, you have the right to request a beneficiary fund, which accepts and administers lump sum death benefits allocated to minor dependants.http://www.sanlam.co.za/CoZaBannerImages/SanlamTrust_Banner5.jpg?RenditionID=5, /CoZaBannerImages/SanlamTrust_Banner5.jpg?RenditionID=5

Sanlam Trust can help you.

Contact us today for expert advice.

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