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PHOTO: Tierra Mallorca/Unsplash
PHOTO: Tierra Mallorca/Unsplash

The use and practical application of trusts as a tool for wealth building for consumers is the focus of this edition of the Business Day Spotlight. 

Our host Mudiwa Gavaza is joined by Matlhodi Leteane, head of client experience at FNB Fiduciary. 

FNB Fiduciary is the bank’s unit dealing with personal estate planning services, including will drafting, trusts, estate duty calculation, administration of deceased estates.

Join the discussion: 

Leteane says much work is being done to advocate for the wider use of trusts by ordinary South Africans. 

A trust refers to a legal entity based a fiduciary relationship in which one party, known as a trustor, gives another party, the trustee, the right to hold title to property or assets for the benefit of another, the beneficiary.

Once upon a time trusts were considered to only be useful to very wealthy people with a ‘tax problem’. However, Leteane says these structures can be very useful to “anyone who wants an effective way of managing and protecting their long-term assets like property and investments.”

Topics of discussion include: the uses and benefits of trusts, making use of such structures for wealth building and saving, work being done to reposition trusts as accessible to the wider public beyond the wealthy, and efforts to increase conversation about money among ordinary people. 

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Business Day Spotlight is a MultimediaLIVE production.

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