Page 30 - Nexia SAB&T Trust Guide 2022

Fiduciary Duties Statutory Duties Other Common Law
in Terms of Trust Duties
Property Control Act
Open separate bank Make proper distributions
account for trust to identified beneficiaries
(Sect.10) and distinguish between
income and capital

Register and identify Hold regular meetings
trust property and keep proper records
(trust property must be of meetings
clearly designated)
(Sect.11)
Take control of the trust Keep proper accounting
assets and keep these records and prepare
clearly separate from financial statements and
personal property tax returns
(Sect.12)
Protect trust’s Comply with all applicable
documents – do not legislation e.g. Income
destroy before 5 years Tax Act, Banks Act etc.
after trust is terminated
(Sect.17)
Keep proper records Implement proper
and accounts of systems of internal control
administration/disposal
(Sect.16)
Preserve the trust Invest productively,
property and keep it free wisely and in accordance
from burdens such as with sound governance
mortgages, pledges and principals
liens

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