Dear Colleague
CONGRATULATIONS Paul Louw!
Paul from the Port Elizabeth branch was our lucky winner of the R10,000 in the 2018/2019 EFBOE competition!
Well done, Paul! This prize is a token of our appreciation for your dedication and continued direct support of EFBOE.
The new competition kicked off on 1 November 2019. This is your chance to start on a clean slate to ensure your place as a winner of one of the cash prizes in November 2020. See Newsletter 39 of October 2019 for competition details.
We are fortunate to enter another annual festive season. Stay blessed this holiday season and enjoy your time with friends and family. If you are fortunate to go away on holiday, be safely and we hope you come back refreshed and ready to take on the challenges of the new year. Life is short, make time to enjoy and appreciate the scenery along the way. If your plan is a stay-at-home one, relax and enjoy every minute.
EFBOE’s offices will close for the festive season on Friday, 20 December 2019 at 12h00 and re-open on Monday, 6 January 2020 at 08h00.
EFBOE TRUST SERVICES
- NOTICE: Please take note that EFBOE manages testamentary trusts by Will as nominated trustee, co-trustee or agent for the trustee only. EFBOE in general will no longer cater for inter vivos trusts and will only consider the creation and administration of inter vivos trusts on a case by case basis.
CAPITAL LEGACY PP NOTICE
Please take note that the Capital Legacy Protection Plans can be linked to existing EFBOE-Wills. There is no need to re-sign existing EFBOE-Wills for a client to obtain the Capital Legacy product.
The last in our charity drive for 2019 is the “Wet Nose Animal Rescue Centre”.
WET NOSE ANIMAL RESCUE CENTRE
“You can’t buy love, but you can adopt it!”
Wet Nose Animal Rescue Centre is a “Right-to-Life” animal shelter. No animals are put down, except in most extreme cases where an animal is suffering and it’s in the best interests of the animal. The Centre was opened in April 1999, as a registered non-profit organisation devoted to the rescue, rehabilitation and rehoming of abandoned, abused and neglected animals. They take care of over 600 fur-babies, relying only on donations.
Read more about this charity at https://wetnose.co.za/
WHAT HAPPENS TO SOMEONE’S BITCOIN WHEN THEY DIE?
Read more about this in the next edition.
Read more about this in the next edition.
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CAN THE MAJORITY OF TRUSTEES REQUEST ANOTHER TRUSTEE TO RESIGN?
The courts are very clear that mere hostility and disagreement between trustees are not enough grounds to relief another trustee of his/her duties. What is the position though, if the majority of the trustees is authorised in the trust deed to request a trustee to resign and they exercise this right? Is it a valid removal of a trustee? In June 2018, this scenario was addressed in the Free State High Court in Bloemfontein in the case of Du Plessis NO and others versus Van Niekerk and others.
The court ruled that even though the wording of the trust deed may indicate that the major part of trustees may be correct in requesting a trustee to resign on request, it is not correct. There should be a good reason for a one-sided request for resignation and that this implied provision should be read into the contract. It was further ruled that the trustees who require the resignation also cannot claim that the provisions of the trust deed allow them to act without cause or in bad faith, because they are duty-bound to act reasonable and as good people.
A court further highlighted that, given the effect the resignation of a trustee has on the interests of the trust and trust beneficiaries, it is necessary that the correct procedural requirements be followed, which require that ample notice should be given of meetings and the issues to be considered.
In this case, the court accordingly ruled that the request from the major part of the trustees to a trustee to resign, was not valid. No good reason for the request was given, the necessary procedural requirements were not adhered to or an opportunity provided for the trustee to give a representation.
Therefore, clearly a trustee cannot be requested to resign on trivial grounds and all the necessary procedures must be adhered to before the major part of the trustees can demand a resignation.
Source:
https://www.cilreyn.co.za/NewsResources/NewsArticle.aspx?ArticleID=2730&Type=Secondary
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BILLIE STANDLEY, BORN TO RIDE
There will always be those eccentrics who have bizarre requests when it comes to, among other things, their burial wishes. Billie Standley from Ohio was one of these interesting characters. One cannot but salute him for his meticulous planning and chutzpah.
Billie loved to ride his Harley Davidson motorcycle which, over the years, took him all around the country, almost to every state. It was said that Billie was born to ride. So much so, that his long-laid and elaborate funeral plans were 18 years in the making. He planned his exit from this world to the finest detail, planning to ride not only to heaven, but wanted the world to witness it in his see-through casket.
He bought three extra burial plots at the Fairview Cemetery, next to his wife, Lorna’s grave. This was big enough for the 9×6 foot cement tank which would be his last resting place. But he would not be there alone. This space would home himself together with his favourite motorcycle, trophies and leathers. His sons, Pete and Roy, built the casket with Plexiglas, reinforcing the bottom with wood and steel rods to handle the extra weight. In this casket Billie’s embalmed body would be astride his ’67 Harley Electra Glide, almost like riding into his grave. The casket sat in Standley’s garage for five years and he proudly showed it to anyone who stopped by his house.
When he passed away in January 2014 at the ripe old age of 82 years of lung cancer, his ride was ready and the procession went down the streets, undoubtedly attracting a lot of sideway glances and even some outright stares. But you cannot fault Billie with exiting in his own way and his loved ones honouring his last wishes.
The court ruled that even though the wording of the trust deed may indicate that the major part of trustees may be correct in requesting a trustee to resign on request, it is not correct. There should be a good reason for a one-sided request for resignation and that this implied provision should be read into the contract. It was further ruled that the trustees who require the resignation also cannot claim that the provisions of the trust deed allow them to act without cause or in bad faith, because they are duty-bound to act reasonable and as good people.
A court further highlighted that, given the effect the resignation of a trustee has on the interests of the trust and trust beneficiaries, it is necessary that the correct procedural requirements be followed, which require that ample notice should be given of meetings and the issues to be considered.
In this case, the court accordingly ruled that the request from the major part of the trustees to a trustee to resign, was not valid. No good reason for the request was given, the necessary procedural requirements were not adhered to or an opportunity provided for the trustee to give a representation.
Therefore, clearly a trustee cannot be requested to resign on trivial grounds and all the necessary procedures must be adhered to before the major part of the trustees can demand a resignation.
Source:
https://www.cilreyn.co.za/NewsResources/NewsArticle.aspx?ArticleID=2730&Type=Secondary
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BILLIE STANDLEY, BORN TO RIDE
There will always be those eccentrics who have bizarre requests when it comes to, among other things, their burial wishes. Billie Standley from Ohio was one of these interesting characters. One cannot but salute him for his meticulous planning and chutzpah.
Billie loved to ride his Harley Davidson motorcycle which, over the years, took him all around the country, almost to every state. It was said that Billie was born to ride. So much so, that his long-laid and elaborate funeral plans were 18 years in the making. He planned his exit from this world to the finest detail, planning to ride not only to heaven, but wanted the world to witness it in his see-through casket.
He bought three extra burial plots at the Fairview Cemetery, next to his wife, Lorna’s grave. This was big enough for the 9×6 foot cement tank which would be his last resting place. But he would not be there alone. This space would home himself together with his favourite motorcycle, trophies and leathers. His sons, Pete and Roy, built the casket with Plexiglas, reinforcing the bottom with wood and steel rods to handle the extra weight. In this casket Billie’s embalmed body would be astride his ’67 Harley Electra Glide, almost like riding into his grave. The casket sat in Standley’s garage for five years and he proudly showed it to anyone who stopped by his house.
When he passed away in January 2014 at the ripe old age of 82 years of lung cancer, his ride was ready and the procession went down the streets, undoubtedly attracting a lot of sideway glances and even some outright stares. But you cannot fault Billie with exiting in his own way and his loved ones honouring his last wishes.
Have a blessed festive season!
Until January 2020
The “Let’s Talk EFBOE” Team