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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
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
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
It is conceded that liberties have been taken with the heading due to space limitations. The point, that cannot be emphasised too much, is that at the most basic level trusts exist to hold, manage and protect, property, for the benefit of the beneficiairies. Not the trustees. A trustee’s liability between the trustee and the … Continue reading
The decision in Roberts v Francis further highlights the need to respond to beneficiaries’ information requests in a timely fashion. The background facts can be summarised as follows: Dr Roberts died intestate His wife obtained letters of administration The beneficiairies of his estate, as determined by the Administration Act were his wife and his children … Continue reading
New Zealand, land of the long white cloud, lots and lots of sheep; and just about as many trusts. What happens to jointly settled trusts when the settlors’ relationship has come to an end? Well often, not much. Literally. The settlor/trustees cannot reach agreement on anything, the independent trustee (if there is one) is either … Continue reading
Vicki Ammundsen is presenting a webinar introducing trust concepts on 10 May 2013 at 10.30. The one hour webinar will be followed by 1/4 hour for Q and A. Topics covered will include: The requirements of a valid trust The significance of the fact that a trust is not a legal entity Independent trustees Contracting with trusts – … Continue reading
Powers of attorney are regularly granted so that one person can act on another person’s behalf. The granting of power to an attorney can facilitate transactions and represent a practical solution in many personal and business situations. However, the granting of unfettered power can be abused. The recent decison in Lines v Pikia provides a … Continue reading
Relationships and trusts make poor bedfellows when relationships come to an end. Trustees who are bitter over the end of a relationship are often unable to acquit the obligations and duties owed as a trustee to a beneficiary who is no longer loved and cherished. Relationships and trusts can make even poorer bedfellows when trustees are … Continue reading
Matters of Trust 