In the South African context, a trust is a legal arrangement in which property or assets are held and managed by one or more individuals (trustees) for the benefit of another person or group. A trust can be set up for various purposes, such as managing a resource or industry. The trustees have a fiduciary responsibility to manage the trust’s assets in the best interests of the beneficiaries, whether they are persons or things and the terms of the trust are typically set out in a written agreement. In South Africa, trusts are governed by the Trust Property Control Act, which sets out the legal framework for the creation and management of trusts. Examples of trusts are: