We trust this correspondence finds you well. We write to remind you of a crucial legal obligation regarding the roles of a trustee.
As you may be aware, our trust administrator, Miss Abigail, has diligently been sending out communications requesting a meeting; however, regrettably, we have not received a response from some clients.
According to our Botswana trust law, trustees are obligated to convene an annual meeting. This meeting serves as a pivotal opportunity to review the trust’s affairs, ensure transparency, and make informed decisions for the beneficiaries’ best interests.
It is imperative for all trustees to recognise that convening this annual meeting is not only a legal requirement but also a fundamental duty inherent to their role. Failure to hold this meeting can result in serious consequences, the least severe is the removal of the trustee by the Master in terms of section 23(3)(e) or by co-trustee(s) or beneficiaries or interested parties in terms of section 23(1) albeit through court order. The Trust Property Control Act stipulates that the more severe penalties consist of criminal sanctions under sections 30(3)(a), (c), and (e).
We strongly urge and implore all clients to prioritise scheduling the annual trustees meeting at your earliest convenience to prevent you from facing the afore-mentioned penalties. By fulfilling this obligation, you demonstrate your commitment to upholding the trust’s integrity and fulfilling your fiduciary duties responsibly.
Should you have any inquiries, please feel free to contact us at administrator@lumenrock.co.bw. We are here to assist you at every stage, ensuring compliance and the seamless operation of the trust.
