Independent Trustee & Trust Administration
Court Order trusts are created when a claimant has been successful in claiming against either the RAF/PRASA or the MEC/Medical Professionals and the courts have decreed the funds need to be protected. The trustees then have a duty to the beneficiaries to appropriately manage, protect and preserve the funds on behalf of the beneficiaries.
In the case of RAF/PRASA trusts – it is important to note that a large portion of the award is to compensate the beneficiary for his/her loss of earning as well as pain and suffering.
The trustees have an obligation to ensure that the funds are preserved in order to assist the beneficiary when he/she is unable to earn a salary.
In the case of medical negligence trusts a large portion of the award is earmarked for future medical expenses and as trustees it is our duty to provide such care / treatment to our beneficiaries at private health care facilities. We also ensure that a beneficiary’s family members are trained on the patient’s requirements and have the support they need.
Our trusteeship and administration services include the following:
- Ensuring trust assets are adequately insured
- Terms of trust deed are complied with
- Needs analysis of the beneficiary on a regular basis
- Annual trustee meeting which includes preparing agenda as well as minutes
- Annual trust review
- Compliance with legislation
- Act honestly and in good faith
- Invest trust funds with independent financial advisors, which is actively managed and diversifies risk.
- Electronic Banking
- Emergency line available 24/7