ABSA TRUST: “Dear beneficiary, don’t get it twisted, it’s not your money.”

Loosing a loved one is an endless painful experience, especially when there are young children involved as one’s heart aches more for them in awareness of the harsh reality that has now become their existence at such a tender age. One does not however expect to experience migraines in accessing monies the deceased left entirely for the care of her children! And that’s all you get from ABSA Trust – the beneficiary fund administrator which was appointed without the deceased nor the family’s consent BUT that is a story for another day…

My husband and I have undertaken the responsibility of raising my sister’s child who is of the same age group as our two children. Principally and logically, children that are raised in the same household must be treated equally. Well, that is how I was raised at least – if my mother bought white takkies for me, any child living with us at the time, be it siblings, cousins etc would receive the same white takkie. She’d be damned if the store didn’t have all the sizes she required; however, we were sure to pay for her troubles - her going around shop to shop trying to find a similar brand for all the different sizes of the children meant hours of massaging her feet! A fond memory now 😂

Our children possess gadgets they use for school and recreational purposes which my nephew does not have. Mindful of the fact that this child has just lost a mother; his whole life has been turned upside down, coupled with the above highlighted principle we made a request to ABSA Trust to buy my nephew the same gadgets my children possessed.

What a shocker! Our request was denied. Why? “The Trust has a duty to ensure that the funds last up to the termination date of the Fund.” Which is code for “We need to ensure we charge Trust & Audit fees up to the termination date of the fund.” Guess what the value of the rejected cost is to the value of the Fund? Wait for it… a measly 0,048% of the Fund value. My sister must be turning in her grave, I know I would.

It begs the question though, who’s interests is the ABSA Trust looking out for?