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Balancing beneficiaries’ rights to documents against the trustees’

It can be a tricky thing being a beneficiary.  All those rights – but how to enforce them?  The court has an inherent right to enforce trusts – can that can entitle beneficiaries to trust documents so that the beneficiaries can ensure the trust is (or is not) being properly managed.  However, there are limits … Continue reading

Gift it or lose it

In 2004 Mr Wheeler sold over $2.4m of assets owed by him to a trust he settled.  The trustees were Mr Wheeler and his accountant Mr Lindsay.  The purchase price for the assets sold to trust was left as a debt owing to Mr Wheeler.  Between 2004 and 2010 five gifts of $27,000 were made … Continue reading

Know your place

Sometimes I can’t say it any better than another trust professional.The following from Lindsay Pope highlights the too-often overlooked issues that can arise as professional advisors and professional trustees lose sight of the important demarcations between their roles: Professional trustee vs professional advisor roles Professional advisers provide advice to clients.  In an advice relationship, decisions are … Continue reading

Blood from a stone

It’s a tricky road being a beneficiary.  All these rights – but how to enforce them?  What if you are a beneficiary, or you might be – and you want to see the documents that as a beneficiary, you have a right to?  How can you compel the trustees to confirm whether you are a beneficiary?  The … Continue reading

Is a resolution the record or the decision?

The terms minute and resolution are often used interchangeably and it is common for a trustee resolution to be only treated as final once signed – but is this correct?  What is a resolution?  A record of a decision or is the resolution the decision? I have previously considered whether a resolution requires that there be … Continue reading