Problems receiving income from Trust in South Africa
Hi, I am facing challenges with the estate of my late father, who was born in the UK, but later permanently moved to South Africa and took SA citizenship. He established a discretionary trust in South Africa, which, upon his passing, is supposed to provide for my children's school fees and a monthly stipend for me.
I'm a UK resident and citizen, originally born in South Africa, which has complicated some inheritance-related paperwork. My children, aged 13 and 16, are also UK citizens.
Previously, the trust successfully transferred my stipend to my UK bank account. However, due to unspecified banking issues in South Africa, these payments have ceased. The trust now insists I open a South African bank account, which I'm hesitant to do due to potential tax complications.
Additionally, new anti-money laundering regulations have disrupted the trust's direct payments for my children's school fees. The trust is now required to make payments directly to my children, stating there is a need for them to have South African bank accounts. This is particularly challenging for my 13-year-old, who cannot hold an account independently.
I'm seeking advice on two key points:
- Is there a legitimate reason for the necessity of South African bank accounts for these transactions? (Or is anyone able to confirm that it is not required?)
- If these accounts are necessary, how can I go about setting them up, especially for my younger child?
Any insights or guidance would be greatly appreciated.
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