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Having the last word

Family financial arrangements are commonly not recorded in writing. For this reason questions as to whether a prior advance was a loan or a gift are not uncommon. Comins v Public Trust represents an unsuccessful application for a declaration that a sum of $50,000 was a gift, in circumstances where the deceased’s will provided that … Continue reading

Charities and the Trusts Act

The Trusts Act 2019 applies to all express trusts, including charitable trusts. Chartered Accountants Australia and New Zealand hosted a recent webinar with presenters from Charities Services and Vicki Ammundsen Trust Law Limited exploring the application of the Trusts Act to charitable trusts. See Sharing Knowledge Series: Trust Law Changes and Charities. What Do the … Continue reading

Mandatory or permissible and what about subsequent?

Memoranda of wishes are a common feature of trusts and are considered core documents for the purposes of the Trusts Act 2019 (see s 45(h).  However, what has been less clear is whether letters or memoranda of wishes can be updated over time; and if so whether later wishes can over-ride earlier wishes.  The matter … Continue reading