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Relationships and trusts can be poor bedfellows. While it can be prudent to protect trust assets from a new relationship partner; the extent of protection provided will be significantly diminished where: the new partner meets trust expense’s the settlor / trustee runs personal and trust expenses through the trust account the history of trustee resolutions … Continue reading
It can be a tricky thing being a beneficiary. All those rights – but how to enforce them? The court has an inherent right to enforce trusts – can that can entitle beneficiaries to trust documents so that the beneficiaries can ensure the trust is (or is not) being properly managed. However, there are limits … Continue reading
In 2004 Mr Wheeler sold over $2.4m of assets owed by him to a trust he settled. The trustees were Mr Wheeler and his accountant Mr Lindsay. The purchase price for the assets sold to trust was left as a debt owing to Mr Wheeler. Between 2004 and 2010 five gifts of $27,000 were made … Continue reading
Sometimes I can’t say it any better than another trust professional.The following from Lindsay Pope highlights the too-often overlooked issues that can arise as professional advisors and professional trustees lose sight of the important demarcations between their roles: Professional trustee vs professional advisor roles Professional advisers provide advice to clients. In an advice relationship, decisions are … Continue reading
It’s a tricky road being a beneficiary. All these rights – but how to enforce them? What if you are a beneficiary, or you might be – and you want to see the documents that as a beneficiary, you have a right to? How can you compel the trustees to confirm whether you are a beneficiary? The … Continue reading
The terms minute and resolution are often used interchangeably and it is common for a trustee resolution to be only treated as final once signed – but is this correct? What is a resolution? A record of a decision or is the resolution the decision? I have previously considered whether a resolution requires that there be … Continue reading
I often describe trusts to new clients by reference to puppies. A lovely idea – and a very important life time companion. However, trusts like puppies need a lot of support, maintenance and there needs to be someone to clean up. I was pleased then to see Lindsay Pope today analogising accepting an appointment as a trustee … Continue reading
Leave to appeal aspects of the Court of Appeal decision in Clayton v Clayton was granted on 19 June 2015. Now that the initial excitement has passed this writer’s mind has turned to what the Supreme Court might decide. With that in mind I have started to prepare a wee wish list as to the questions that I … Continue reading
Inland Revenue has issued a QWBA (QB 15/11) regarding whether a trustee exercising a discretion to distribute trustee income (that would be taxed at the trustee rate of 33% if retained by the trustee) to a beneficiary on a lower tax rate, a beneficiary with tax losses or a beneficiary to whom the income will … Continue reading
When a trustee is removed as a trustee of a trust; say pursuant to a power of appointment and removal of trustee; it is necessary to separately arrange for the transfer of any trust assets to the remaining and any new trustees. However, some trustees are not happy about being removed as trustees and may … Continue reading
