The Requirements to Set Up a Family Trust in Zimbabwe

Before one can set up a trust in Zimbabwe, it is critical for the founder to appreciate that there are different types of trusts in Zimbabwe. It is important therefore for the founder to set up a trust with the knowledge of what the trust is being set up for i.e. a family trust, to manage the affairs and investments of a particular family or where the trust is a non-profit organisation such as non- government organisation (i.e. charitable trust).

It is also important to highlight that the requirements to set up a family trust are essentially the same as those for setting up a business trust, a charitable trust, a community share ownership trust, an employee share ownership trust or an education trust.

The basic requirements of a notarial deed of trust in Zimbabwe

In Administrators, Richards v Nichol 1996 (4) SA 253 (C) 258E-F the court noted the following as essential for the formation of a trust:

1. 1. An intention on the part of the founder to create a trust;
2. 2. The expression by the founder of such intention in a mode apt to create an obligation;
3. 3. A definition with reasonable certainty of the property of the trust;
4. 4. A definition with reasonable certainty of the object of the trust; and
5. 5. The lawfulness of the trust object

The names of the founder(s), trustees or beneficiaries should not be assumed names or alias, but actual names.