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The Trust Property Control Act contains provisions with which all trustees must comply. Non-compliance with these provisions may lead to criminal sanction.

Although it is generally accepted that there will be at least three trustees, two are perfectly sufficient. A trust company may well act as the only trustee.

Duties and responsibilities

Trustees must always act objectively and in the interests of the beneficiaries. This duty of care would include:

• Secret profits - trustees may under no circumstances make secret profits or speculate with trust assets.
  
  
• Negligence - trustees must ensure that they have the necessary expertise and show due care when dealing with the trust assets.
  
  
• Good faith - the trustees must always act in good faith.
  
  
• Compliance with the trust deed - trustees are legally bound and obligated to execute the stipulations of the trust deed or the will (in which the aims as well as the powers and responsibilities of the trustees are explained).

Contact an intermediary now for expert advice.

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