Article by By Phia van der Spuy
Often estate planners, and their family members serving as trustees with them in family trusts, hold the view that the preparation of financial statements by their accountants is sufficient to demonstrate their compliance as trustees.
Little do they know that financial statements are not even a requirement in terms of the Trust Property Control Act (the Act) and certainly do not, on their own, serve as evidence that the trusts are compliant. What is required is that trustees collectively, actively manage the trust and document decisions for each transaction.
Read the full article here.