Page 3 - Taxation P6 - Lecture day 2 Notes - Trust

What is a trust

• A legal relationship whereby a founder/donor

places assets under the control of trustee(s) for

the benefit of a beneficiary or beneficiaries.

• Originates from English law but concept of trust

recognized in our legal system (Estate Kemp v

McDonald's Trustee & Crookes v Watson).

• Trust Property Control Act (57 of 1988).

• Relationship where assets are administered by

trustees on behalf of beneficiaries.

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