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Trusts are settled for many reasons. While there is no one primary reason for settling a trust, creditor protection is perhaps the most commonly cited reason; perhaps because the settlor is carrying on a risky venture; perhaps because the settlor wishes to ward off the nebulous risks beneficiaries may incur. Which is all fine. But … Continue reading
Some cases seem to have eternal existence. The original matter of Spence v Lynch is one of these. The are now at least 9 recorded decisions by my count named either White v Spence or Spence v Lynch. The first case was written up in this blog as Dominant trustee architect of loss. The name was apt then, … Continue reading
In New Zealand the Law Commission has recommended that there not be a register of trusts in New Zealand. See Review of the Law of Trusts: A Trusts Act for New Zealand at 18.28. The Law Commission view that this is too blunt an instrument to use to improve accountability to beneficiaries. While the privacy … Continue reading
The recent Australian case Anderson v FC of T highlights the risks of trusteeship and reinforces the fact that liability already incurred as a trustee cannot be voided through the trustee’s retirement. Although the facts of the case relate in part to specific provisions of the Australian GST Act, the message to be taken from the case reinforces the importance … Continue reading
When assets are transferred to a trust by a settlor the transfer is generally by way of gift or sale. Where assets are sold there is a gift back that can be forgiven immediately, progressively or at some future date, if at all. Prior to the abolition of gift duty gifting programs were common and … Continue reading
Vicki Ammundsen is presenting a series of trust webinars for CCH Learning this year. The first webinar in this popular series is Trust Fundamentals. This webinar, which covers the fundamentals of settling and administering trusts, starts at 10.30am on 18 February 2015. Topics covered will include: Requirements of a valid trust Drafting traps and considerations How much power can/should be reserved to the … Continue reading
The Court of Appeal has dismissed as aspects of an appeal of a High Court decision upholding a loan between trusts following the breakdown of the borrowing trustees’ relationship. See Trustees until divorce us do part.
The dispute over Huka Lodge (see the Fight Over Huka Lodge) highlights an element of certain trust-based relationships that can be overlooked. This is the ability for subsequent trust-related disputes to survive time-barring due to the passage of time. Michael Kidd and Alexander van Heeren were former partners in a successful partnership that amassed significant wealth … Continue reading
The Review of the Law of Trusts started back in 2002 with a discussion document followed by a small paper entitled Some Problems with the Law of Trusts. In the way the use of trusts has since grown, so too did the review. The review morphed to a three-stage review of trusts: stage 1 (the current stage) is a comprehensive … Continue reading
The separation between settlor and trust and the need to appreciate this is a common theme. See for example My trust is my creature. However, this does not mean that the existence of a trust can be disclaimed when convenient to do so. This issue is canvassed in a reserved decision of Judge AA Sinclair … Continue reading
Matters of Trust 