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Beneficiaries are often disappointed in the actions and decisions of trustees. Sometimes with cause, sometimes without. However, few beneficiaries seek court assistance, despite their right to do so. It is presumed that this is for reasons that include the difficulties in galvanising classes of beneficiaries to take action, the cost of doing so; and in many … Continue reading
Settling a trust together seems to be the obvious next step for so many couples. Once upon a time it was monogrammed towels. Now it’s seeing your name on a trust deed. But when the going gets tough the reality is, dividing linen is much easier than dealing with a trust. One of the reasons … Continue reading
If so, you still have time to register for the trustee liability webinar that Vicki Ammundsen is presenting for CCH Learning on 16th April 2014 at 10.30 This webinar, which will conclude with a question and answer section, will utilise a case study to demonstrate how trustee liability arises and the practical steps that can … 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
Costs are an increasingly live issue in court proceedings. The risk of a loss and the resultant costs is a valid, and important, consideration when contemplating proceedings. When the proceedings relate to a trust, the matter is more complex due to the trustees’ right of indemnity from the trust fund. However, given that whenever the … Continue reading
The case of Dever v Knobloch is not especially new. However, it is surprising how many times I have looked back to refer to it. The facts of the case are not particularly interesting – essentially no more than another family dispute where the existence of a discretionary trust does not forestall expectations of equal … Continue reading
Retiring trustees are commonly indemnified by the continuing trustees for costs that might arise in the future relating to the trusteeship. An example where resort might be made to such an indmenity is when a retired trustee is later named in proceedings relating to the time of the trustee’s tenure. Where the indemnity is from the continuing trustees the indemnity … Continue reading
It is conceded that liberties have been taken with the heading due to space limitations. The point, that cannot be emphasised too much, is that at the most basic level trusts exist to hold, manage and protect, property, for the benefit of the beneficiairies. Not the trustees. A trustee’s liability between the trustee and the … Continue reading
Trustees act personally. However, trustees can contract out of personal liability. For example if trustees enter into an agreement for sale and purchase of land the trustees can obtain the benefit of a standard limitation of liability (if there is one) or reach agreement on the inclusion of a suitable limitation. That said, limitations of liability, like … Continue reading
Trading up, more room for the kids, closer to the office, away from the traffic noise, life style opportunity … moving on, moving up, trading down – common reasons to buy and sell. When does a regular replacement of the family home equate to a business enterprise? And if that enterprise is carried out by … Continue reading
Matters of Trust 