In accordance with regulatory and compliance rules, consultants should not be placed in a position of real or presumed conflict of interest, which implies that they do not accept an appointment of agent for a client, except in accordance with the company`s guidelines. In South Africa, there are two types of living trusts, namely Vested Trusts and Discretionary Trusts. In the case of Ved Trusts, the beneficiaries` benefits are set out in the trust deed, while in the case of discretionary trusts, the trustees have full discretion at all times as to the amount and date on which each beneficiary must benefit from them. 21 years of order: Under tax legislation, a trust is generally considered an assignment of its assets after 21 years from the creation of the trust. As a result, unrealized profits are taxed in the trust.