Quattro News

April 22, 2024

Cut, Paste & Save: Arts & Crafts for Teaching Kids to Budget

Make Learning About Money Exciting for Kids Financial literacy is shockingly low among today’s youth. Recent studies show that only 24% of millennials demonstrate basic financial knowledge. This lack of understanding creates problems down the road. However, we can raise financially savvy kids by starting early and making lessons engaging. […]
August 22, 2024

Should I appoint an independent trustee for my trust?

In terms of the Trust Property Control Act 57 of 1988, a trustee can only act on behalf of a trust once authorized by the Master of the High Court. While there is no legislative requirement for the independence of trustees, the Supreme Court of Appeal case Land and Agricultural Bank of South Africa v Parker and Others highlighted the risks of trusts being abused when there is little or no independent oversight of trust assets. As a result, the Court recommended that the Master of the High Court consider the appointment of an independent trustee to ensure a clear separation between the ownership and enjoyment of trust assets. Following the Parker case, a directive issued by the Chief Master of the High Court on 6 March 2017 requires consideration of appointing an independent trustee for new trusts. Although currently only a directive, this could potentially become a legislative requirement for both new and existing trusts. The independent trustee does not need to be a professional but must be qualified and committed to upholding the trust deed and scrutinizing the actions of other trustees. For assistance or queries regarding your trust.
April 22, 2024

Cut, Paste & Save: Arts & Crafts for Teaching Kids to Budget

Make Learning About Money Exciting for Kids Financial literacy is shockingly low among today’s youth. Recent studies show that only 24% of millennials demonstrate basic financial knowledge. This lack of understanding creates problems down the road. However, we can raise financially savvy kids by starting early and making lessons engaging. […]
August 22, 2024

Should I appoint an independent trustee for my trust?

In terms of the Trust Property Control Act 57 of 1988, a trustee can only act on behalf of a trust once authorized by the Master of the High Court. While there is no legislative requirement for the independence of trustees, the Supreme Court of Appeal case Land and Agricultural Bank of South Africa v Parker and Others highlighted the risks of trusts being abused when there is little or no independent oversight of trust assets. As a result, the Court recommended that the Master of the High Court consider the appointment of an independent trustee to ensure a clear separation between the ownership and enjoyment of trust assets. Following the Parker case, a directive issued by the Chief Master of the High Court on 6 March 2017 requires consideration of appointing an independent trustee for new trusts. Although currently only a directive, this could potentially become a legislative requirement for both new and existing trusts. The independent trustee does not need to be a professional but must be qualified and committed to upholding the trust deed and scrutinizing the actions of other trustees. For assistance or queries regarding your trust.