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Trustees

This category contains 184 posts

Bless me for I have been acrimonious

The background to Turvey v Vance relates to diametrically opposed intra-family division with respect to the FB Turvey Family Trust and the P Turvey Family Trust (the Trusts). The Trusts were mirror trusts and as such the settlor of each of the trusts was not able to benefit from the trust that person settled. In … Continue reading

Resettlement pursuant to section 124 of the Trusts Act

The trustees of The Elizabeth Ann Bensaude Family Trust (NO. 2) Trust (the Bensaude Trust) wish to resettle the assets of that trust onto a new trust, the JJ Family Trust. The settlor of the Bensaude Trust was Elizabeth Bensaude’s mother. Elizabeth Bensaude was the settlor of the JJ Family Trust. The Bensaude Trust is … Continue reading

Redundant

A final beneficiary has a contingent proprietary right, the value of which (if any) can only be determined on the final vesting date.    While such a right can be treated as simply a right to receive trust assets on a final vesting, the status of having such a right can elevate the position of a … Continue reading

Don’t close the door

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

Hostility and dysfunction

Family trusts can raise complex considerations and perhaps none moreso than those relating to the changing of the guard as the intergenerational control aspect of family trusts is brought to bear. A contemporary consideration of these matters has been played out on the Triezenberg v Mason chronicles. The most recent iteration is the unsuccessful appeal … Continue reading

Directions under the Trusts Act

The decision in Re Tauranga Energy Consumer Trust may on first blush appear esoteric and outside the mainstream. However, the decision warrants careful reading as it is one of the few cases to date to consider default duties imposed by the Trusts Act 2019 in a practical construct. The case relates to a proposed restructure … Continue reading

No one likes me, I’m going down the garden to eat snails

Being a trustee is hard. Hallmark persistently fails to produce a Love your trustee card. There is no national, or international trustee day. It can be hard slog. And yet, when the beneficiaries say we don’t want you, we want someone else, trustees turn up all guns blazing overflowing with umbradge. The difficulty is knowing … Continue reading

Sensible outcome – inexplicable decisions

O’Dea v Rutten serves as reminder of the importance of respecting the legal framework of estates and trusts. For reasons that make no legal sense notwithstanding wills that provided for the residue of two estates to be distributed to trusts, the executors took the position that the trusts should be wound up and the trust … Continue reading

Beddoes and beyond

By way of background in Vincent Family Corporate Trust Limited (as trustee of the ET and P Vincent Trusts) as noted by Van Bohemen J (above and below): In Vincent Family Corporate Trustee the parties were urged to find resolution. When this was not possible the court was required to determine matters. Helpfully, Van Bohemen … Continue reading

Damp Squib

Being a trustee is increasingly more skittles than beer. “Beddoe orders” are an avenue for trustees to pursue or defend proceedings without facing personal liability. McCallum v McCallum concerns an appeal against partial Beddoe orders. At the opening of his novel Anna Karenina, the Russian novelist Tolstoy writes “All Happy families resemble one another, but … Continue reading

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