Trustees’ duties and powers
All the powers of a trustee are ‘fiduciary’, which means that they must be exercised as follows: in the best interests of all the beneficiaries; only for the benefit of the beneficiaries and not for third parties; not for the trustees’ benefit, unless specifically authorised; and not to defeat the terms of the trust, but […]
Why is an independent trustee important?
A well-known court case, Land Bank of South Africa vs JL Parker and Two Others (the Parker case) irrevocably changed the requirements for independent trustees to be appointed and placed renewed focus on the duties and responsibilities of all trustees. What is an independent trustee? . As a result of the Parker case, most Masters […]