When a trust’s founder dies, families often assume that whatever they said they wanted will be honoured, even if the trust deed was never changed to reflect it. A recent Supreme Court of Appeal decision confirms that this is not how trusts work. What governs a trust after the founder’s death is the trust deed itself, not the wishes they expressed at family meetings in their final years.
“Externally, trustees cannot disagree. In the external sphere the Trust functions by virtue of its resolutions, which have to be supported by the full complement of the Trust body.” (Extract…
“National Treasury, therefore, expects that if South Africa continues to make significant improvements in effectiveness and swiftly exits grey listing, it will have a limited impact on financial stability and…
