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It is easy to think of trusts as magical places to hide things. However, the fortress that the trust may appear can be somewhat less so when assets are being transferred to a trust to avoid creditors getting their hands on them. Dispositions, whether gifts or sales for inadequate value, made to defeat creditors can be … Continue reading
It is relatively well understood that it is not possible to record that the legal title to a privately owned property is held on trust: Land Transfer Act, s 128. However, a lesser known “no survivorship” notation can in fact be used to indicate that the land is owned on trust: Land Transfer Act s 131 … Continue reading
Trusts, like relationships, are often settled when the future seems rosy and the possibilities are endless. When the relationship dream comes to an end, all too often so does the dreams the settlors had regarding the trust and the trust property. The difficulty where parties cannot make their own decisions, as painful as they may … Continue reading
Trusts are the best long-term intergenerational form of asset protection. However, as litigation involving trusts increases, questions are reasonably asked regarding the “safety” of trusts. If you are looing for answers or guidance Vicki Ammundsen is presenting a webinar on February 19th discussing the fundamentals of trusts. Topics covered by the webinar include: Requirements of a valid trust Differentiation between … Continue reading
Designing a kitchen takes time and effort. And about a billion magzines. You finally get it nutted down. Kitchen professional is chosen, design finalised, deposit paid. At this point thoughts of trusts are as far from your mind as possible, your mind being full of composite vs granite. Will marble really stain that badly (ah … Continue reading
All good things must come to an end. This is certainly true of trusts, whether good or not. However, sometimes it just isn’t a good time for a trust’s assets to vest. The reason for this are many and varied. Often they involve tax. For example if the trust’s assets comprise an immature forest and the trust … Continue reading
Costs are an increasingly live issue in court proceedings. The risk of a loss and the resultant costs is a valid, and important, consideration when contemplating proceedings. When the proceedings relate to a trust, the matter is more complex due to the trustees’ right of indemnity from the trust fund. However, given that whenever the … Continue reading
A little licence in the heading, maybe not the earth, but in some circumstances, an interest in trust at least. The rule in Saunders v Vautier allows the final beneficiaries of a trust to bring the trust to an end provided that all of the trustees are in agreement and are of age. The rule … Continue reading
A constructive trust claim provides instructive reading into recognising what it is that you are after before you begin. It begins, as is so often the case with trust cases, with a failed relationship. There was a home owned and constructed by a trust that was settled well before the relationship began. After the relationship ended … Continue reading
It may seem somewhat trite law that once a trust is settled, the settor loses the right, by virtue of having made that settlement, to control the trustees. To put this another way, just because you are the source of the trust’s assets, you cannot determine how these assets are utilised. This fundamental proposition of trust … Continue reading
Matters of Trust 