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In Preston v Preston the Court of Appeal notes an observation of counsel that “the matter has eaten its head off.” By way of background: The Grant Preston Family Trust (the Trust) was settled in 2004 three years before Mr Preston met Mrs Preston. The beneficiaries of the Trust included Mr Preston’s children from a … Continue reading
Ryan v Lobb relates, amongst other things) to a question of interpretation of a clause in a trust deed of the Lothbury Trust (the Trust) relating to the resettlement of trust assets in the event of separation. While on the face of it a provision dealing with the settlors’ separation appears prudent; as was also … Continue reading
Charlotte Gavin and Daniel Powell are siblings who have been engaged in sustained litigation relating to trusts settled for their respective benefit, together with other family members that are their effective inheritances with each only intended to have recourse to the other’s trust if their own trust fails (see Powell v Powell). Charlotte seeks to … Continue reading
The Taxation (Income Tax Rate and Other Amendments) Act 2020, which was introduced on 2 December 2020 and enacted on 7 December 2020 following Royal Assent introduces new disclosure requirements for trusts. The Commentary to the Bill explains the new disclosure requirements at pp 18 to 19 as follows: “Detailed analysis Information required to be … Continue reading
Trust settlors commonly provide a memorandum of wishes to the trustees. However, the extent to which the trustees are bound to follow these wishes is unclear. The traditional role of the settlor in the family trust has been simply the making of an initial settlement onto the trust, to be held by the trustee or … Continue reading
A nice idea or a reliable and permissible direction to trustees? Join Vicki Ammundsen to hear her views on memoranda of wishes:
The decision in Enright v Enright has been successfully appealed and cross appealed (in part). The fundamental conclusions reached in the High Court have been upheld, but with some significant finessing. the Limitation Act defence has been overturned on the basis of a reasonable assessment of when a person in the applicant’s situation, with comparable education … Continue reading
Wills that do not meet the requirements of the Wills Act 2007 as set out in s 11 of that Act can be validated pursuant to s 14 of the Wills Act. As noted in Estate of Phillips at [25], “The critical enquiry is whether the documents does any or all of the things described … Continue reading
Section 182 of the Family Proceedings Act 1980 empowers “… the courts to review a settlement and make orders to remedy the consequences of the failure of the premise on which the settlement was made” in circumstances where a nuptial settlement has been made upon a trust of which either or both of the spouses … Continue reading
Grand View Private Trust Company Ltd v Wong considers whether the exercise of a power to add a beneficiary (subsequent to which the entirety of the trust’s significant assets were transferred to that beneficiary) is valid. By way of background, the former individual beneficiaries of a substantial private discretionary trust sought to a challenge the … Continue reading
Matters of Trust 