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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
When a trustee relationship breaks down, if one of the trustees holds the power of appointment, it is important that that trustee does not rely on this power to presume future control. Consider the case of Nysse v Nysse. Mr and Mrs Nysse were co-trustees of a trust settled by Mr Nysse. The trust’s assets … Continue reading
It is commonly said that there is no symmetry between trust law and tax law. There is a similar disconnect in respect of the appointment and removal of trustees, powers of attorney contained in a deed of trust, regular and enduring powers of attorney. This topic has been recently explored in the context of dementia and aging … Continue reading
Discretionary family trusts can last, at present, for up to 80 years. While the Law Commission has suggested this should be extended to 150 years, in many circumstances just 80 years is too much. Trusts take management and prospective planning, and sometimes good management means making practical decisions that people might not like. It also means … 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
Relationships and trusts are poor bedfellows. I have said this before. Another way of expressing the sentiment is that trustees and spouses/partners are equally poor bedfellows. The difficulty being that the dividing line between Mrs Smith – wife and Mrs Smith trustee can blur. The consequence of this blurring, and the hard cold cost, was sheeted … Continue reading
There is significant scope for error when drafting deeds of trust. While it is hoped that any errors will be picked up during the process of reviewing the deed and ensuring it meets the settlor’s wishes, this will not always be the case. While the remedies are not without cost, where a compromising error is … Continue reading
Section 46(4) of the Trustee Act 1956 provided that the High Court could order the appointment of the Public Trust in replacement for another trustee without requiring the Public Trust’s consent. Such a provision is necessary to ensure that no trust can fail for lack of a trustee. However, where the trustee in question is the … Continue reading
It is common practice for professional trustees to act as the director of a trustee company rather than personally. The use of a corporate trustee can limit the liability that the professional adviser might otherwise incurred had the adviser acted personally (see McNulty v McNulty where the beneficiaries claim against the director of a corporate trustee was … Continue reading
Matters of Trust 