Being a trustee is hard, and at times quite possibly boring (to paraphrase from the movie An Education: Emma Thompson and Carey Mulligan). And worse, if you get it wrong the beneficiaries can sue you, no matter how hard a trustee might try to get it right. Fortunately, help is at hand in the form of … Continue reading
As noted by Woolford J in para [1] Addleman v Lambie Trustee Limited relates to “an unfortunate dispute between sisters as to what level of disclosure is appropriate for the affairs of the Lambie Trust (the Trust)…” Prudence and Annette are sisters. In1972 Annette broke her spinal cord diving into a tidal pool in Sydney … Continue reading
The moral dimension of trusteeship arises in many contexts. The recent New Zealand court decisions concerning information obligations to beneficiaries, and the way this is dealt with in the new Trusts Bill, highlight the difficulty of judging what information is too much or too little to disclose. However, general principles on disclosure bypass the consideration … Continue reading
The Supreme court has granted leave to appeal the Court of Appeal decision in Erceg v Erceg, see A step back for beneficiaries or a nil all draw? The approved question is “Should the conclusion that disclosure not be made/required be set-aside?” References: Erceg v Erceg [2016] NZSC 69
When embarking on asset and estate planning, an important but often overlooked enquiry is as to how the next generation will manage the assets (and what those assets might be) and who sensibly should be in charge. Consider the case of Frickleton v Frickleton. In this case one of four sons ends up as the sole executor … Continue reading
The Court of Appeal decision in Erceg v Erceg has provided the Court of Appeal’s view of the correct approach to the disclosure of trust information to beneficiaries. Prior to this Court of Appeal decision in Erceg v Erceg it was settled law in New Zealand that beneficiaries had a rebuttable right to trust information pursuant to the … Continue reading
Beneficiaries of a trust – including a testamentary trust are entitled to information relating to the trust. In the Goodman v Campbell a minor beneficiary’s mother sought appointment as a litigation guardian following an executor’s refusal to provide information about the estate of which her minor son was the sole beneficiary. The trustee of the … 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
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
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
