Opinion: Duties of the trustees of a trust are wide-ranging and important
Category Industry News
JOHANNESBURG - Trustees of a trust are akin to the managers of a company. They are the guardians of the trust's assets and have a duty to manage these assets in the best interests of the beneficiaries, as provided for in the trust deed. They also have a fiduciary duty to beneficiaries in terms of the Trust Property Control Act.
All trustees - whether independent or not - are charged with the responsibility of ensuring that the trust functions properly, to the greatest benefit of the beneficiaries. Specific obligations are discussed below.
Obligations in relation to trust deed
Trustees must: Lodge the initial trust deed and amendments with the Master of the High Court and be familiar with the trust instructions, including the nature and extent of their powers and duties. As a trustee, you should not accept any appointment until you are comfortable with the information contained within the trust deed.
Author: Business Report
