Family trusts are testamentary or Inter Vivos (Live) trusts with the intention of managing and distributing funds to the nominated beneficiaries in the Trust Deed. Disability trusts are Inter Vivos trusts but are usually preceded by a legal trial based on the negligence of another. The beneficiary is disabled with specific medical needs and is unable to take care of his/her own affairs.
Both types of trusts are set up through the Master of the High Court. Administering disability trusts are usually more time-consuming because the beneficiaries of disability trusts often require significant medical care. This may need to be administered on a daily or weekly basis. To assist with this, the trust company appoints a medical case manager and various specialist medical professionals to ensure that their needs are taken care of.
The trust company also employs dedicated portfolio managers to assist the trustees. They are a central point of contact for the families and are essential in facilitating the needs of the beneficiary. Whether it be organising for medication to be delivered, ensuring the payment for a new wheelchair is made on time, or liaising with independent wealth managers who invest the funds – they ensure that the holistic life plan of the beneficiary is adequately managed. Crucially, they also ensure that monies are only paid out for the care and livelihood of the beneficiary according to the terms of the Trust Deed and when authorised by signed resolutions.
Each portfolio manager allocated to a beneficiary, receives training related to the beneficiary’s injury or impairment. They can then render specialised services for that beneficiary e.g. in respect of brain injuries, cerebral palsy, down syndrome, spina bifida, retinopathy of prematurity, paraplegia and quadriplegia.
Rodel Fiduciary also ensures that it (the corporate entity) is registered as the independent trustee, represented by two or more natural people. This is prudent practice as it ensures that there is no interruption to the administration of the trust, as would be the case if a natural person were appointed and then passed away or resigns as a trustee.