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The inherent jurisdiction of the High Court includes the supervision of trusts. However, the temporal aspect of the jurisdiction and the ability for this to provide a longer-term administrative solution is a useful aspect of the jurisdiction. Such a case is Matheson v Clare Matheson Trust Limited, which concerned an application by a settlor and … Continue reading
In Heylen v Keene all actual and potential beneficiaries signed an “amended direction” directing the executors of the estate of Paul Heylen to distribute the estate, not in accordance with his will, but as directed by the beneficiaries (in accordance with the rule in Saunders v Vautier. Although the parameters of rule in Saunders v Vautier … Continue reading
Pertinent facts: On first blush Biggs v Biggs has the appearance of a David and Goliath style contest. Nation J refers at [10] to the 2300 pages of documents that have had to be considered and at [11] notes that when claims are pursued “in a particular way, there can be scant recognition of the … Continue reading
Blended families can be complicated. Sarah Ross’s father, Phillip New, left his entire estate to his partner of 40 years Maureen Dwight. Sarah did not challenge her father’s will on the basis that his partner Maureen promised that provision would be made for Sarah by Maureen in Maureen’s will. A will was prepared to this effect. … Continue reading
Much is said of late about the “bank of Mum and Dad” in the context of parents helping children into their first home. However, with the passage of time positions can change as to whether sums advanced were loans or gifts and how much has been re-paid. When Mum or Dad is elderly questions can … Continue reading
It is important when dealing with trustee owned shares to appreciate how these might be treated for tax purposes. The following question from the CCH/TEO Q & A Service considers how and in specie distribution of share should be treated in the context of a distribution and a resettlement. Company shareholder continuity QUESTION: Trust B … Continue reading
The Matter of the Representation of Virtue Trustees (Switzerland) AG and Anor re The C Trust (the Trust) heard in the Royal Court of Jersey relates to a trust where a beneficiary named in the deed was also appointed a protector (by a hand amendment when the deed was executed) where the terms of the deed … Continue reading
The “Rule” in Hastings-Bass (more properly the rule in Mettoy) invites a court to “wave the judicial magic wand” and void decisions made by trustees, together with the attendant consequences, when trustees have made decisions with consequences from which they now with to resile. The logic of “the “Rule” was to protect beneficiaries. However, where … Continue reading
At the Trusts Special Interest Group’s next meeting on 26 June 2018: Geoff Clews will discuss the emerging ability to give and solutions to the problem of how to give. Increasing wealth has highlighted a trend toward many looking to leave a personal legacy through a philanthropic endeavour as well as providing for the family. Questions … Continue reading
Transactions between GST-registered trusts and beneficiaries need careful scrutiny to ensure that GST obligations are not overlooked or obfuscated by the relationship between the trustee and the beneficiary. Although GST registration is in the name of the trust, the obligations fall to the trustees. For tax purposes a GST-registered trust and its beneficiaries are associated persons. This means … Continue reading
Matters of Trust 