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Merona Trustees Limited considers how the words “the children of the settlors” should be interpreted. To resolve the dispute as to whether these words mean: the trustees have sought directions pursuant to section 133 of the Trusts Act. Background facts Opinions A number of opinions were subsequently obtained regarding the position of Rob and later … Continue reading
The Supreme Court has declined leave to appeal the Court of Appeal decision in Kain v Public Trust. The proposed grounds of appeal were that the Court of Appeal erred in: The Court of Appeal’s views regarding trustees being able to take subsequent memoranda of wishes into account was upheld by the Supreme Court, although … Continue reading
Memoranda of wishes, also referred to as statements or letters of wishes, letters or memoranda of guidance and similar are a common feature of modern trusts. However, perhaps surprisingly there has been little guidance regarding the position of subsequent memoranda of wishes, specifically where subsequent wishes are inconsistent with earlier wishes do the most recent … Continue reading
Memoranda of wishes are a common feature of trusts and are considered core documents for the purposes of the Trusts Act 2019 (see s 45(h). However, what has been less clear is whether letters or memoranda of wishes can be updated over time; and if so whether later wishes can over-ride earlier wishes. The matter … Continue reading
McGuire v Earl is a successful application for the following trust information: statements of accounts copies of all Minutes and Resolutions any documents pertaining to any distributions all documents pertaining to any gifting or debt incurred, and bank statements for all bank accounts. The trust in question was settled by Mr McGuire’s father and Mr … Continue reading
Trust settlors commonly provide a memorandum of wishes to the trustees. However, the extent to which the trustees are bound to follow these wishes is unclear. The traditional role of the settlor in the family trust has been simply the making of an initial settlement onto the trust, to be held by the trustee or … Continue reading
A nice idea or a reliable and permissible direction to trustees? Join Vicki Ammundsen to hear her views on memoranda of wishes:
Miller v Cregten touches on the vexed issue as to settlor’s wishes to ensure that only identified beneficiaries benefit and that: “if a beneficiary is married, in order to protect the beneficiary from thepossibility of a matrimonial property claim in the event of a breakdownof his or her marriage, you should take into consideration the … Continue reading
Law v Law relates to an application by trustees for directions under s 66 of the Trustee Act regarding the proposed distribution of trust assets. The background of the case is essentially set out at [24] as follows: “Again, the Trustees appear to have approached the question of the payments to Elena with a primary … Continue reading
Trusts can seem like a great idea. And then one day a settlor can be confronted with the reality of the loss of control and cast around for someone to blame. In addressing the realities of trust ownership, the exercise of powers of removal and appointment can offer a solution to issues with the dynamics between … Continue reading
Matters of Trust 