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A trust is settled. The settlors are trustees together with an independent trustee. The settlors’ marriage breaks down and they are no longer able to exercise their trustee powers. Everyone is busy attempting to remove and replace trustees to wrest control of the trust. Inevitably the matter comes before the court. What is the court to … Continue reading
Sometimes settlors of trusts change their mind. Generally it is too late at the point this happens, the deed is literally done. Assets have been transferred, debts forgiven and new relationships and obligations have come into existence. However, what is the position where property is sold to a trust with a debt back, there is an … Continue reading
Settling a trust together seems to be the obvious next step for so many couples. Once upon a time it was monogrammed towels. Now it’s seeing your name on a trust deed. But when the going gets tough the reality is, dividing linen is much easier than dealing with a trust. One of the reasons … Continue reading
The Supreme Court has dismissed an appeal against the decision of the Court of Appeal (upholding the High Court decision) in Glover v Glover where the court found that a ruse was not a sham. Briefly a bare trust arrangement entered into to avoid a tax impost was found to have achieved its object and accordingly … Continue reading
1 does not equal 2. A trust is not a legal entity. The trustees of a trust are the “legal” face of the trust. When there is more than one trustee, generally all of the trustees must be party to the agreement. These are fundamental propositions of trust law. That means that if the trustees of … Continue reading
The common intention constructive trust is a rare beast. When trying to make such an argument it is essential to have the facts right as demonstrated in the decision in Ridge v Parore (Common Intention Constructive Trust, or not). The cost of getting the argument wrong in an argument that the court described as “doomed … Continue reading
If so, you still have time to register for the trustee liability webinar that Vicki Ammundsen is presenting for CCH Learning on 16th April 2014 at 10.30 This webinar, which will conclude with a question and answer section, will utilise a case study to demonstrate how trustee liability arises and the practical steps that can … Continue reading
Trustees do not always get on as well as is necessary to do the job of being a trustee. Friction in the trustee relationship can arise for many reasons, often, but not always, the friction relates to the break down of a family relationship. When trustees cannot get on the issue to be determined is … Continue reading
The electronic age is upon us. My own office is looking at a paperless environment. Anyone who has actually seen my office will realise this is a pipe dream. The practical reality is that the times they are a changing and scanned documents stored in the cloud is where it is largely at. Wherever in … Continue reading
The matter of Stokes v Insight Legal has resulted in one Court of Appeal and four High Court and judgments. The facts can be boiled down to: Mrs Colebrook (since remarried, although in the court decisions she is referred to by her former married name) defaults on the purchase of a property the Vendors fail in their attempt … Continue reading
Matters of Trust 