Can you trust your trustee?
THE TRUST As a result of the various benefits for estate planning purposes, the formation of trusts has become increasingly popular in South Africa. It is common that one spouse appoints the other spouse to act as a trustee of a trust, without understanding their responsibilities, duties and obligations arising therefrom. A trust may be […]
The Aftermath: Resignation of a director and the surviving fiduciary duties
A fiduciary duty is an obligation to act in the best interest of another party. For example, a company’s board member has a fiduciary duty to the company’s shareholders, a trustee has a fiduciary duty to the trust’s beneficiaries, and an attorney has a fiduciary duty to a client. Sections 75 and 76 of the Companies Act 71 of 2008 refer to the various fiduciary duties which are applicable to […]