Trusts Terms

Beneficial owner of a trust

A person or category of person who must be recorded as having beneficial ownership or control connected to a trust under trust, anti-money-laundering, SARS, or Master reporting rules.

Inter vivos trust

A trust created between living persons, usually through a trust deed and administered by trustees under the Trust Property Control Act framework.

Removal of trustee

The legal process or decision that ends a trustee's authority to act for a trust, either through the Master, a court, the trust deed, or other lawful basis.

Testamentary trust

A trust created by a valid will, usually coming into effect after death and administered through the estate and Master's Office process.

Trust

A legal arrangement where trustees administer property for beneficiaries or a permitted trust purpose under a trust deed and South African trust law.

Trust deed

The founding document that sets out the trust's purpose, beneficiaries, trustee powers, administration rules, and amendment requirements.

Trust property

Assets, rights, money, or property held or administered by trustees for the purposes and beneficiaries of a trust.

Trustee

A person or entity authorised to administer trust property and carry out trustee duties under the trust deed and applicable law.

Trustee letters of authority

The written authority issued by the Master that allows nominated trustees to act for and administer a trust.

Core definitions

Core terms in this track

Beneficial owner of a trust

A person or category of person who must be recorded as having beneficial ownership or control connected to a trust under trust, anti-money-laundering, SARS, or Master reporting rules.

Inter vivos trust

A trust created between living persons, usually through a trust deed and administered by trustees under the Trust Property Control Act framework.

Testamentary trust

A trust created by a valid will, usually coming into effect after death and administered through the estate and Master's Office process.

Trust property

Assets, rights, money, or property held or administered by trustees for the purposes and beneficiaries of a trust.

Removal of trustee

The legal process or decision that ends a trustee's authority to act for a trust, either through the Master, a court, the trust deed, or other lawful basis.

Trust

A legal arrangement where trustees administer property for beneficiaries or a permitted trust purpose under a trust deed and South African trust law.

Trust deed

The founding document that sets out the trust's purpose, beneficiaries, trustee powers, administration rules, and amendment requirements.

Trustee

A person or entity authorised to administer trust property and carry out trustee duties under the trust deed and applicable law.

Trustee letters of authority

The written authority issued by the Master that allows nominated trustees to act for and administer a trust.

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Beneficial owner of a trust

A person or category of person who must be recorded as having beneficial ownership or control connected to a trust under trust, anti-money-laundering, SARS, or Master reporting rules.

Inter vivos trust

A trust created between living persons, usually through a trust deed and administered by trustees under the Trust Property Control Act framework.

Testamentary trust

A trust created by a valid will, usually coming into effect after death and administered through the estate and Master's Office process.

Trust property

Assets, rights, money, or property held or administered by trustees for the purposes and beneficiaries of a trust.

Removal of trustee

The legal process or decision that ends a trustee's authority to act for a trust, either through the Master, a court, the trust deed, or other lawful basis.