Trusts: Trustees of a trust have a fiduciary duty

JOHANNESBURG – The duties of trustees arise through the provisions of the Trust Property Control Act, the common law and the trust deed.

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. 

These responsibilities include, but are not limited to:

• Ensuring compliance with the provisions of the trust instrument.
• Ensuring compliance with all statutory requirements.
• Conducting of proper trustee meetings.
• Recording of proper minutes of all meetings and decisions by the trustees. The focus should not be on the keeping of minutes, but on the decisions reached. A trust operates on the resolutions of its trustees and it is important that these should be recorded.
• Proper maintenance and safekeeping of minute books.