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The Revocable Living Trust Agreement is a vital estate planning tool in South Africa, designed to provide flexibility and control over asset management while offering potential tax advantages and probate avoidance. This document is typically used when individuals wish to maintain control over their assets during their lifetime while establishing a structured framework for future asset distribution. The agreement must comply with the Trust Property Control Act 57 of 1988 and other relevant South African legislation, including registration requirements with the Master of the High Court. It includes detailed provisions for trust administration, asset management, beneficiary distributions, and trustee powers, while maintaining the settlor's right to modify or revoke the trust. This type of agreement is particularly useful for high-net-worth individuals seeking efficient estate planning solutions within the South African legal context.

1. Parties: Identifies and provides details of the Settlor (trust creator), initial Trustees, and any initial Beneficiaries

2. Background: Sets out the context and purpose for establishing the trust, including the Settlor's intention to create a revocable living trust

3. Definitions and Interpretation: Defines key terms used throughout the agreement and establishes rules for interpreting the document

4. Creation of Trust: Formally establishes the trust, specifies its name, and confirms its revocable nature

5. Trust Property: Describes how assets are transferred to the trust and how additional property may be added

6. Powers and Duties of Trustees: Details the powers granted to trustees and their obligations in managing the trust

7. Rights of the Settlor: Specifies the Settlor's rights to revoke or amend the trust and control trust assets during their lifetime

8. Beneficiary Provisions: Sets out beneficiary rights, how distributions are to be made, and any conditions attached

9. Trust Administration: Covers operational aspects including meetings, decision-making processes, and record-keeping requirements

10. Successor Trustees: Provides for the appointment and succession of trustees

11. Trust Termination: Specifies circumstances for trust termination and distribution of assets upon termination

12. General Provisions: Includes standard clauses on governing law, severability, and other legal requirements