Weekly Thoughts 31 May 2013

‘Not all horses were born equal. A few were born to win.’ – Mark Twain

I spent some good time alone with my consultant from the asset managers called Sarasin this week. He was out from London. We chatted over a cup of tea in the hotel he uses when he comes to Pietermaritzburg. Sarasin are Thematic investors, meaning they pick on economic or market themes and buy companies who they think are well positioned for the opportunities along that theme. I like using them as a part of a client’s offshore portfolio.

We’re moving along now with the actual setting up of the Testamentary Trust that I will be trustee on. Documents to the Master Office etc. Up to now we’ve just been talking with the beneficiary about certain aspects of the future and the executor has been managing costs and flows from the estate account. In a way, it is easier than being an Inter Vivo Trustee, because we can make decisions and stick to them. It feels like ‘real’ trust work – where no trustee is a beneficiary. There is the ability to be dictatorial, not democratic, in our decisions. We can do what we know to be right. But the lawyer and I are under no illusion as to the responsibility before us. Beneficiaries can take trustees to court if they’re not happy, or if they think we are not being diligent with the funds. So we will err on being conservative. Not something to volunteer for lightly.