n Professional Accountant - Formalities involved in setting up a valid trust : trust administration

Abstract

A trust created during your lifetime is called an inter vivos trust (inter vivos is Latin for between the living). This is a written agreement between the founder of the trust and the trustees. The agreement is called the trust deed and is signed in accordance with the Law of Contracts and lodged with the Master of the High Court. A trust deed is a legal document and its drafting requires specialised expertise. It is, therefore, important to use an expert and to familiarise yourself with the requirements and formalities involved in setting up an inter vivos trust so that it is valid.