This is a true story. I was a successful businessman who earned more than R 50 000 net per month way back in 2003. In 2000 I registered a Family Trust in which my children were the beneficiaries. I purchased a car and registered it in the Trust and donated a portion of my personal belongings, such as furniture to the Trust in terms of a valid agreement between myself and the Trust.

During 2003 I signed personal surety for my business partner in an amount of R 300 000. Not long thereafter my business partner lapsed with the payments of his monthly instalments of the loan at the banking institution. The bank was not impressed and instituted legal action against me and my partner. Unfortunately for me, my partner was not able to pay the full outstanding amount and the bank demanded full payment of the amount and interest from me.

At the same time I was going through a divorce and my ex-wife had absolutely no sympathy with my situation and demanded everything I had. I had no option but to sequestrate my estate as I could not pay the loan amount on which I signed surety. If it was not that I registered the Trust I would have lost my car and all my furniture and other belongings.