Trust account

Let’s deal with the easy one first. A trust bank account is an ordinary bank account that the trustees of a trust must, in accordance with the Trust Property Control Act, open if they receive money on behalf of the trust. The first (and often only) money they receive will usually be the R100 donation that a badly drafted trust deed (i.e. the vast majority of trust deeds) claims that the founder made in order to form the trust. The money must be deposited into the trust bank account and will be used up in bank charges within a month…