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Re Peers relates to a trust with a 32 year vesting date that is now somewhat inconvenient due to the nature of the trust’s assets and a tax liability that will be incurred on the vesting day. The solution proposed was an amendment to the vesting date. Osborne J saw no detriment on behalf of … Continue reading
Inland Revenue has issued an updated exposure draft regarding the taxation of trusts that will replace the current IS 18/01. The exposure draft, which has a consultation period ending 13 October 2023 is a general guide as to how income derived by the trustees and beneficiaries of a trust is taxed. The exposure draft also … Continue reading
Dewart v Lal relates to an application for summary judgment to set aside a trustee resolution removing and appointing trustees of the Sanatan Dharam Trust (the Trust), a registered charity. The decision is fact specific, but nevertheless provides excellent guidance regarding the interpretation of powers of appointment and removal. When interpreting a trust deed, as … Continue reading
The residential care subsidy (RCS) thresholds are cpi adjusted on 1 July each year. This year’s adjustments are the greatest since the annual cpi adjustment was introduced. Effective 1 July 2023: See further Seven Myths and Misunderstandings. References
The Supreme Court has granted leave to appeal the Court of Appeal decision in Pinney v Cooper. The approved question is “… whether the Court of Appeal was correct to dismiss the applicant’s appeal to [the Court of Appeal].” For background see Weakly fiduciary. References:
Capacity can be measured in a number of ways. However, it is important to consider any particular test of capacity by reference to the context of the test. This is highlighted in Schuitema v Schuitema, which relates to a claim regarding the will-maker’s capacity and allegations of undue influence. Matters between the parties were settled … Continue reading
Testamentary trusts are not uncommon. However, trusts deriving from wills are not generally drafted in “conventional” form. This practical reality can lead to unintended administrative hurdles. Re McKay addresses this from a practical construct. By way of background, as noted at [2]: As set out at [9]: It is suggested that the reasoning of the … Continue reading
Jones v Jones relates to matters in dispute regarding the estate of Basil Jones, in the context of a blended family. The executors of Basil Jones’ will are his surviving wife Laurel and his children from a previous relationship. Laurel made an election to pursue a claim against Basil’s estate pursuant to the Property (Relationships) … Continue reading
The Federal Court of Australia decision in Fotios v Helios Corporation Pty Ltd (No 3) has deviated from the Privy Council’s recent decision in Equity Trust (Jersey) Ltd v Halabi , which held by a majority that trustees and former trustees shared liability pari passu on insolvency (see No ranking between trustees). It remains to … Continue reading
Ryan v Lobb relates to the interpretation of a resettlement clause contained in the deed of trust for the Lothbury Trust (the Trust) that expressly provided for a resettlement on written notice in the event that the Settlors separated, or their marriage was legally dissolved. Such notice was given by Ms Ryan in 2017 following … Continue reading
Matters of Trust 