Rules Applicable To Trustees Acting For Family Trusts

The amendments to the Trusts and Trustees Act, which were brought into force by Act XI of 2014 on 25^th April 2014, introduced the concept of family trusts in Article 43B of the said Act. Family trusts are trusts created to hold property settled by the settlor for the present and future needs of family members or family dependants who are definite and can be ascertained. Trustee companies which satisfy the requirements set out in Article 43B are not required to obtain authorisation, although they are subject to a registration requirement. The amendments also included an amendment to Article 52, empowering the Authority to issue rules to regulate trustees which are subject to a registration procedure in terms of Article 43B.