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Blended families pose numerous challenges. On the death of a parent balancing the needs of that parent’s children and a surviving step-parent can be challenging. Add a trust and some last-minute asset and estate planning into the mix and the potential for conflict increases. Consider the position of the children who believe themselves to be … Continue reading
Beneficiaries are often disappointed in the actions and decisions of trustees. Sometimes with cause, sometimes without. However, few beneficiaries seek court assistance, despite their right to do so. It is presumed that this is for reasons that include the difficulties in galvanising classes of beneficiaries to take action, the cost of doing so; and in many … Continue reading
Vicki Ammundsen is presenting a webinar on Beneficiary Rights on 20 August 2014 at 10.30am. This webinar will provide an in-depth study of the often over-looked trust subject of beneficiaries and their rights. This webinar, which will conclude with a question and answer section, will utilise a case study to highlight beneficiary’s rights and how these … Continue reading
Corporate trustees are a common feature of modern trusts. Professionals increasingly act through corporate trustees to address concerns over liability. While some concern has been raised about the wisdom of utlising uncapitalised corporate trustees – the practice is widely acknowledged and accepted. Where views diverge is on when or whether corporate trustees should accept multiple appointments. Unless … 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
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
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
Matters of Trust 