The recently issued Trusts and Trustees Act (Protected Disability Trusts) Regulations regulate trusts set up for the benefit of a family member with a disability, either exclusively or together with his/her parents during their lifetime. These trusts are referred to in the Regulations as Protected Disability Trusts, and may have as trustees both professional and private trustees. A protector must also be appointed for such trusts, in terms of Article 24A of the Trusts and Trustees Act.
The requirement of a conservative investment policy and the setting out of prudent investment restrictions in the Regulations highlight the purpose behind the establishment of the Protected Disability Trusts, that is, added protection to the beneficiaries through added care in the management of the trust’s assets.
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