Legal Templates
Declaration Of Trust

Declaration Of Trust for South Africa

Declaration Of Trust Template for South Africa

A Declaration of Trust is a formal legal document used in South Africa to establish and govern a trust arrangement. Operating under the Trust Property Control Act 57 of 1988 and South African common law, this document outlines the transfer of assets from a founder to trustees who manage them for the benefit of specified beneficiaries. The document details the trust's purpose, administration rules, trustee powers and duties, beneficiary rights, and distribution mechanisms. It must comply with South African legal requirements, including registration with the Master of the High Court, and can be used for various purposes including estate planning, asset protection, charitable giving, or business structuring.

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What is a Declaration Of Trust?

The Declaration of Trust is a crucial legal instrument in South African trust law, used to formally establish and document trust arrangements. This document is essential when individuals or entities wish to create a trust structure for purposes such as estate planning, asset protection, business operations, or charitable endeavors. It must comply with the Trust Property Control Act 57 of 1988 and other relevant South African legislation, requiring registration with the Master of the High Court. The Declaration of Trust contains comprehensive details about the trust's structure, including the appointment of trustees, identification of beneficiaries, trust property specifications, distribution rules, and administrative procedures. It serves as the governing document throughout the trust's existence, providing clarity on rights, responsibilities, and operational framework while ensuring compliance with South African legal requirements.

What sections should be included in a Declaration Of Trust?

1. Parties: Identifies the Founder/Settlor, initial Trustees, and initial Beneficiaries

2. Background: States the intention to create the trust and any relevant context

3. Definitions: Defines key terms used throughout the deed including 'Trust Property', 'Beneficiaries', 'Income', 'Capital', etc.

4. Creation of Trust: Formal declaration creating the trust and stating its name

5. Trust Object and Purpose: Clearly states the purpose of the trust and its objectives

6. Trust Property: Details the initial trust property/assets and provisions for additional property

7. Powers of Trustees: Comprehensive list of powers granted to trustees in managing the trust

8. Duties of Trustees: Specific obligations and responsibilities of trustees

9. Trustee Meetings and Decisions: Procedures for trustee meetings, voting, and decision-making

10. Rights of Beneficiaries: Defines the rights and entitlements of beneficiaries

11. Distribution Rules: Rules governing the distribution of income and capital

12. Trust Administration: General administrative provisions including record-keeping requirements

13. Amendment and Variation: Procedures for amending the trust deed

14. Termination: Circumstances and procedures for trust termination

What sections are optional to include in a Declaration Of Trust?

1. Charitable Purposes: Required for charitable trusts, detailing specific charitable objectives and public benefit requirements

2. Business Operations: Required for business trusts, including provisions for commercial activities and business management

3. Perpetuity Period: Optional clause limiting the trust's duration, commonly used in family trusts

4. Trustee Remuneration: Include when trustees are to be professionally compensated

5. Arbitration Clause: Optional dispute resolution mechanism for complex trusts

6. Foreign Asset Provisions: Required when trust holds offshore assets

7. Protector Provisions: Include when appointing a trust protector for additional oversight

What schedules should be included in a Declaration Of Trust?

1. Schedule A - Initial Trust Property: Detailed list of all assets initially settled into the trust

2. Schedule B - Beneficiaries: Complete list of beneficiaries with their details and benefit classes

3. Schedule C - Trustee Details: Full details of initial trustees including contact information

4. Schedule D - Distribution Framework: Specific rules and formulas for benefit distribution

5. Schedule E - Administrative Procedures: Detailed procedures for trust administration and record-keeping

6. Appendix 1 - Trustee Acceptance Forms: Standard forms for trustee acceptance of appointment

7. Appendix 2 - Master's Requirements: Checklist of requirements from the Master of the High Court

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

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Jurisdiction

South Africa

Publisher

Genie AI

Document Type

Declaration Form

Sector

Compliance

Cost

Free to use
Relevant legal definitions
Trust
Trust Property
Trust Fund
Trust Deed
Founder
Settlor
Trustees
Independent Trustee
Beneficiaries
Vested Beneficiaries
Discretionary Beneficiaries
Income Beneficiaries
Capital Beneficiaries
Trust Income
Trust Capital
Distribution
Vesting Date
Termination Date
Trust Period
Financial Year
Master
Master of the High Court
Trust Protector
Trust Administrator
Accounting Period
Accumulation Period
Amendment
Applicable Laws
Assets
Business Day
Capital Gain
Charitable Purpose
Effective Date
Income Tax Act
Investment
Legal Representative
Majority Decision
Powers of Attorney
Professional Advisor
Proper Law
Related Party
Resolution
Schedule
Signature Date
Trust Administration Costs
Trust Documents
Trust Objects
Unanimous Decision
Vesting Rights
Clauses
Interpretations and Definitions
Trust Creation
Trust Objects and Purpose
Trust Property
Powers of Trustees
Appointment and Removal of Trustees
Duties of Trustees
Decision Making
Trustee Meetings
Beneficiary Rights
Income Distribution
Capital Distribution
Trust Administration
Investment Powers
Banking
Record Keeping
Financial Statements
Tax Compliance
Trustee Remuneration
Liability and Indemnity
Confidentiality
Dispute Resolution
Amendment Powers
Termination
Governing Law
Trust Protector Provisions
Severability
Force Majeure
Notices
Asset Register
Compliance
Reporting Requirements
Delegation Powers
Trustee Certification
Beneficiary Meetings
Trust Duration
Asset Disposal
Succession Planning
Relevant Industries

Financial Services

Wealth Management

Real Estate

Family Business

Charitable Organizations

Education

Healthcare

Agriculture

Mining

Professional Services

Relevant Teams

Legal

Compliance

Wealth Management

Estate Planning

Trust Administration

Risk Management

Tax Advisory

Financial Planning

Asset Management

Corporate Services

Relevant Roles

Trust Administrator

Estate Planner

Wealth Manager

Financial Advisor

Legal Counsel

Tax Consultant

Trust Officer

Compliance Officer

Risk Manager

Family Office Manager

charitable Trust Manager

Property Manager

Investment Manager

Corporate Trustee

Trust Accountant

Industries
Trust Property Control Act 57 of 1988: The primary legislation governing the formation, registration, and administration of trusts in South Africa. It sets out the requirements for trust registration, trustee obligations, and Master's oversight.
Income Tax Act 58 of 1962: Regulates the taxation of trusts, including tax rates, distribution rules, and reporting requirements for trust income and capital gains.
Financial Intelligence Centre Act 38 of 2001: Sets out requirements for financial transparency and anti-money laundering measures that trusts must comply with, especially regarding reporting of suspicious transactions.
Prevention of Organised Crime Act 121 of 1998: Ensures trusts are not used as vehicles for money laundering or organized crime, requiring due diligence in trust formation and administration.
Administration of Estates Act 66 of 1965: Relevant for trust administration, especially in cases where the trust interfaces with deceased estates or involves administration by the Master of the High Court.
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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