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vickiammundsen

vickiammundsen has written 538 posts for Matters of Trust

Disclosure within a narrow compass

The Trusts Act 2019 introduces a statutory presumption that trustees will make basic trust information available to every beneficiary or representative of a beneficiary. For the purposes of the Trusts Act: “beneficiary┬ámeans a person who has received, or who will or may receive, a benefit under a trust (other than a trust for a permitted … Continue reading

Reporting requirements for domestic trusts

New reporting obligations for domestic trusts were introduced by the Taxation (Income Tax Rate and Other Amendments) Act 2020 that will require more disclosure to Inland Revenue. However, an Order in Council is required to set the minimum requirements for this disclosure. Tax policy officials are now seeking feedback on these requirements, which are set … Continue reading

Why did you do what you did?

In the matter of The Piedmont Trust and the Riviera Trust relates to an application for the Jersey Royal Court to approve the final distribution of trust assets in circumstances where the beneficiaries are in agreement regarding the termination of the trusts (but where there is disagreement regarding the allocation of the trust assets between … Continue reading

Sensible outcome – inexplicable decisions

O’Dea v Rutten serves as reminder of the importance of respecting the legal framework of estates and trusts. For reasons that make no legal sense notwithstanding wills that provided for the residue of two estates to be distributed to trusts, the executors took the position that the trusts should be wound up and the trust … Continue reading

Step carefully

The Trusts Act 2019 provides that before the creation of the trust, the adviser, must take reasonable steps to ensure that: the initial settlor is aware of the meaning and effect of the modification or exclusion of any default duties, and the settlor is aware of the meaning and effect of any liability exclusion or … Continue reading

Beddoes and beyond

By way of background in Vincent Family Corporate Trust Limited (as trustee of the ET and P Vincent Trusts) as noted by Van Bohemen J (above and below): In Vincent Family Corporate Trustee the parties were urged to find resolution. When this was not possible the court was required to determine matters. Helpfully, Van Bohemen … Continue reading

Damp Squib

Being a trustee is increasingly more skittles than beer. “Beddoe orders” are an avenue for trustees to pursue or defend proceedings without facing personal liability. McCallum v McCallum concerns an appeal against partial Beddoe orders. At the opening of his novel Anna Karenina, the Russian novelist Tolstoy writes “All Happy families resemble one another, but … Continue reading

Baby and bathwater

Trust “busting” is a topic of enduring interest and has been a feature of the trust landscape as long as trusts have been recognised as a valid form of asset ownership. Jane Phare’s Trust busting: Is it the beginning of the end for hiding relationship property? is a case in point. However, it is important … Continue reading

Relic from the past lives on

The application for leave in Little v Little (see A Little guidance on s 182) has been denied by the Supreme Court. the prime thrust of the appeal was that the trust in question was not a nuptial settlement. Reference was made to Te Aka Matua o te Ture/Law Commission (the Law Commission) recommendation that … Continue reading

Anathema to a trust

Transferring assets that might otherwise comprise relationship property to a trust, might appear an attractive alternative to “I love you” but not enough to share my stuff with you. However, even if the relationship is not yet a qualifying relationship for the purposes of the Property (Relationships) Act 1976 (the Act); dispositions to trust can … Continue reading

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