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Trustee Act

This category contains 19 posts

The future of trust administration

The roles of trustees and trust administrators can be a rewarding but difficult role.  With the prospect of a Trusts Act in the foreseeable future (see Trusts Bill released 1 august 2017) trustees and trust administrators need to be match fit.  Increased reporting obligations under CRS, AML/CFT and FATCA are another matter for consideration. For … Continue reading

How afraid should we be of Clayton?

The Supreme Court decision in Clayton v Clayton changed the trust landscape.  But how afraid should we be?  Are all trusts vulnerable to Clayton-style challenge?  Or just the ones that push the envelope?  And, if the latter, how far can one push before there is a problem? A recent decision of Moore J has provided … Continue reading

Two trustees go down to the woods … one is discharged, one is not

The use of corporate trustees is a common response to trustee liability.  However, where one of two natural person trustees retires and a corporate trustee is appointed, it is important to consider whether the retiring trustee has been discharged.  See ss 43, 45 and 46 of the Trustee Act 1956, which provide: Relevant Legislation 43 Power … Continue reading

Family at war – but which war?

On 17 July 2016 the Sunday Star Times reported about a family at war over a mansion with an opening quote that read “Lawyers say the judiciary are increasingly overturning wills in family disputes.” The dispute ended up in the High Court, firstly regarding an application for the removal of the trustees and secondly a … Continue reading

Mixing oil and water

Trusts and marriage break ups are a tricky thing to manage – like trying to mix oil and water more often than not.  Some trustees can put personal differences aside and get on with it, most, it appears, can’t.  Often the pragmatic (and ultimately cost effective as it breaks deadlocks) solution is the removal of … Continue reading

Trustees lost at sea?

I often describe trusts to new clients by reference to puppies.  A lovely idea – and a very important life time companion.  However, trusts like puppies need a lot of support, maintenance and there needs to be someone to clean up. I was pleased then to see Lindsay Pope today analogising accepting an appointment as a trustee … Continue reading

Trustee liability

I write a lot about trustee liability.  The reason for that is simple – there is lots to write about.  Being a trustee is a risky business, and sadly many trustees are not sufficiently aware of the risks of trusteeship. For trustees or advisers who want to be better informed I have written a book … Continue reading

Court approval for resettlement – a wise invesment

Dealing with trust owned assets following the demise of the settlors’ relationship can be tricky.  Many of the traps and pitfalls that can befall trustees who have diffficulties differentiating between the rights as beneficiaries and the obligations they owe as trustees are highlighted in the cases that comprise the back story to  Irvine and Taylor … Continue reading

What’s in a name?

References to executors and trustees are routinely combined and treated as synonymous with each other.  But are they?  Actually they are not.  While the distinction is often unimportant, in certain circumstances it is critical. The executor’s duties include obtaining a grant of probate, getting in all of the assets, paying outstanding (and future) debts including … Continue reading

Trustees and dementia

The early signs of dementia can be subtle.  Although dementia can occur at any age, it is far more common amongst the older demographic. Accordingly, while lawyers and accountants, and trustees generally are rarely mental health experts, it is important to say alive to the early signs of dementia so that risks can be identified … Continue reading