Can a Trust be Dereigistered?

Yes, a trust can be deregistered once it has been legally terminated. However, the Trust Property Control Act does not specifically outline a deregistration process, so common law principles apply. The Master of the High Court oversees the termination, and once all trust affairs are settled, the trust can also be deregistered with the South African Revenue Service (SARS).

What is Required to Deregister a Trust?

To officially terminate a trust, the following documents must be submitted to the Master of the High Court:

 

  • A resolution signed by all trustees confirming their decision to terminate the trust.
  • The original Letter of Authority issued by the Master.
  • The final bank statement showing a zero balance, confirming that all funds have been distributed.
  • Proof that beneficiaries have received their benefits, ensuring the trust’s obligations have been met.

Deregistering the Trust with SARS

Once the Master approves the termination, the trust must be formally deregistered with SARS. To complete this step, SARS typically requires:

 

  • A copy of the trustees’ resolution confirming termination.
  • A copy of the original Letter of Authority.
  • The closing bank statement with a nil balance.
  • Proof of final beneficiary distributions.
  • The last Annual Financial Statements reflecting zero assets and loan accounts, along with the final IT34A tax assessment.

Need Assistance?

Deregistering a trust can be an administrative and legal challenge, but we can simplify the process for you. At TrustNest Solutions, we handle the paperwork and ensure all requirements are met efficiently and correctly.

 

Contact us today to get started!