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In terms of the Trust Property Control Act 57 of 1988 (the Act) the definition of a Trust can be paraphrased as, a design whereby a person’s ownership interest in assets is, by way of a trust instrument, put under the care, control and trust of other persons referred to as Trustees and/or beneficiaries, for the benefit of nominated beneficiaries.
The assumption of a position or office comes with specific responsibilities and duties. The anticipation is that the bearer will perform the duties as required and expected, within set confines. These parameters are what define roles so as to achieve coordinated and oriented outcomes.
The issuing of the Letter of Authority as Trustee by the Master of the High Court signals the assumption of office as Trustee to the designated party. It is at this point that the responsibilities, authority and duties as a Trustee begin to be binding and effective.
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