-
Subscribe
Subscribed
Already have a WordPress.com account? Log in now.
QB 15/11: Income tax – Scenarios on tax avoidance – 2015 gives examples where trustees of a discretionary trust take into account the tax position of the beneficiaries when making decisions about distributions of beneficiary income; and finds that this is not tax avoidance. However, there are some important caveats, and the question to consider when any … Continue reading
Professor Frances Moran has been attributed with lecturing her mainly male equity students at King’s Inns that “There are three roads to ruin in life, wine, women and becoming a trustee. The first two are at least enjoyable.” Not wishing to enter into a debate of the relative strengths of either sex to mislead and … Continue reading
Trusts are commonly anthropomorphised – my trust, the trust, his trust. At the very least the trust becomes a possessive noun rather than the inchoate mix of rights and obligations that a trust really represents. It is difficult of course, to separate out the parties. Because most of the time – who cares? Does it … Continue reading
The role of executor of an estate and the on-going responsibilities and obligations are not always well understood. Where there is a legal advisor the executor may be well schooled in the relevant obligations and the administration of the estate can be expected to proceed in a timely and proper manner. However, sometimes this is not … Continue reading
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
The decision in Adlam v Savage, which relates to a breach do trust is a hard read. However, it is worth persevering to appreciate the practical issues associated with the remedies available when a trustee profits from a trust or fiduciary relationship. In Adlam v Savage Ms Adlam received over $14 million from exploiting knowledge … Continue reading
… when first we practice to deceive. The case of Marr v Parkin demonstrates the need sometimes to differentiate between transaction risk and expectation and the rights that might flow from the latter. The facts of the case are relatively straight-forward. Ms Marr’s home was subject to a mortgagee sale. She wished to retain the … Continue reading
Testamentary capacity is relatively well traversed and understood and the principles set out in Banks v Goodfellow (1870) LR 5 QB 549, which has endured the passage of time, remain the leading authority on testamentary capacity. The following statement from p. 567 of that judgment succinctly observes the elements of testamentary capacity: “As to the … Continue reading
The terms minute and resolution are often used interchangeably and it is common for a trustee resolution to be only treated as final once signed – but is this correct? What is a resolution? A record of a decision or is the resolution the decision? I have previously considered whether a resolution requires that there be … Continue reading
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
Matters of Trust 