Wealth Revolution provides financial services, as defined in the Financial Advisory and Intermediary Services Act. They advise and assist clients on how to reach their financial goals by offering leading financial coaching.

Wealth Revolution specialises in all personal and corporate benefits. Their services include:

  • Personal Investments

  • Offshore Investments

  • Personal Life Insurance

  • Business Life Insurance

  • Group Scheme Risk Insurance and Investments

  • Individual and Group Scheme Healthcare Insurance

  • Retirement Planning

  • Private Wealth Consultations

FSP number: 45946

LMC Professional Trusteeship (Pty) Ltd provides the service of acting as Independent Trustee on your inter vivos trust.

What is an Independent Trustee?

“The core idea of the trust is the separation of ownership (or control) from enjoyment.”

Landbank v Parker [2004] 4 All SA 261 (SCA) at par 19

As a result of the Parker case, most Masters of the High Court now require an Independent Trustee to be appointed in addition to the trustees who are beneficiaries of the trust, and therefore will not issue a Letter of Appointment without at least one independent trustee being appointed. An independent trustee will be a person who is not related to the founder, the other trustees or the beneficiaries.

This independent trustee must be someone who fully realises the responsibilities he or she is accepting when agreeing to act as a trustee, and is qualified in the view of the Master of the High Court to act as a trustee.

All trustees (independent or not) are charged with the responsibility to ensure that the trust functions properly to the greatest benefit of the beneficiaries. These responsibilities include, but are not limited to:

• Ensuring compliance with the provisions of the trust deed;

• Ensuring compliance with all statutory requirements;

• Conducting of proper trustee meetings;

• Recording of proper minutes of all meetings and decisions by the trustees;

• Proper maintenance and safekeeping of minute books.

It is clear that a person who is appointed as an Independent Trustee must have the necessary

experience and expertise to properly execute these duties as well as to add value to the trust. In

many cases, the trustees who are not independent do not have sufficient knowledge of and

experience in the proper administration of trusts. Furthermore, they might also lack expertise in

utilising the vehicle of the trust in order to maximise the benefit for the beneficiaries.

This is where LMC Professional Trusteeship (Pty) Ltd comes in as Independent Trustee, as they have the necessary experience and resources in place to take care of your trust’s administration in accordance with the provisions of the trust deed.