Tebogo presented on the Trust Property Control Act No. 11 of 2018 (the Act), which commenced to operate on 29 June 2018.
Whilst trusts have always existed in Botswana, these were regulated by the Common Law. The Act provides the legislative framework within which trusts will be regulated.
The presentation highlighted the following key points:
- all trust instruments and trustees must now be registered with the Master of the High Court;
- trusts created prior to commencement of the Act must be validated by registration with the Master of the High Court, by 28 December 2018. Failure to validate the trust could result in a fine or imprisonment; and
- the identification of trust property must conform with the requirements of the Act. Trusts existing before the commencement of the Act have been given a twelve (12) month window period (until May 2019) in which to comply with the identification requirements.
