The Fairheads Umbrella Trust
Fairheads Umbrella Trust manages death benefits on behalf of minors and dependants with legal disabilities. The funds are used for the minors’ education, maintenance and general wellbeing.
What Is The Fairheads Umbrella Trust?
The Fairheads Umbrella Trust is an umbrella trust, registered with the Master of the High Court and with the South African Revenue Service. It was established to look after benefits awarded to the dependants of employees who have died. The Trust Fund holds and invests that money, pays a regular monthly income, and makes additional payments for a beneficiary’s maintenance, education, medical costs and general wellbeing. Each beneficiary’s money is accounted for in a separate, individually identifiable account within the umbrella trust.
How The Trust Works?
An account is opened when a death benefit payment is transferred into this trust. The aim is to make this money in the account last until the beneficiary turns 18 and preferably finishes Grade 12.
A beneficiary’s account will generally come to an end when he/she reaches the age of majority. At this point, any money that is left in the account is paid to the beneficiary.
The Fairheads Umbrella Trust registration number T1012/91