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How to register a Family Trust in Zimbabwe

One of the ways in which families can safeguard family assets for the benefit of future generations is by setting up a Family Trust in Zimbabwe. In general, a Family Trust is created for the sole benefit of a particular family and / or to ‘secure the interests and protect the property of a group of family members, usually identified in the trust deed by name or by descent or by degree of kinship to the founder.’

The process of registering a Family Trust in Zimbabwe is done by a specialist lawyer known as a Notary Public. In order to register a Family Trust, the following are essential:

• Consult with a Notary Public on setting up the Family Trust;

• Have at least two proposed names of the Family Trust

• Define the purpose or objectives of the Family trust

• Select who will be the Founder

• Choose the proposed Trustees of the Family Trust

• Identify the beneficiaries of the Family Trust.

Once a Family Trust has been registered in Zimbabwe the Trustees are able to receive donations of movable and immovable properties on behalf of the Family Trust as well as open a dedicated bank account known as a Trust Account for managing the Family Trust’s financial activities as well as register with the Zimbabwe Revenue Authority (ZIMRA).