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There is little that is attractive about aging. However, it is a fact of life that must be faced. In the life of a trust this fact must also be faced squarely and pragmatically. Trustees are the “legal” face of a trust and as such own the trust property. Trust fundamentals. So far so good. … Continue reading
An order for examination can be sought after judgment has been obtained agains a debtor to determine the debtor’s means. Where an order is made the debtor is brought before the Court and examined about his or her financial situation. However, it is not always appreciated that if the judgment relates in whole or in part to … Continue reading
The facts ma’am, nothing but the facts. When the facts relate to a contract with trustees, the proposition becomes the trustees ma’am – nothing less than all the trustees. Trusts are not legal entities. Regardless I commonly see contracts between the A Trust and another contracting party. This is a dangerous practice because how is … Continue reading
Trusts involve a lot of just that, trust. Once settled, the settlor has limited, if any, real control. This is difficult for many settlors to deal with due to misunderstandings and misinformation regarding how trusts work. By way of illustration – the earliest trusts, called a use, can be dated back to medieval England. At … Continue reading
A trust is settled. The settlors are trustees together with an independent trustee. The settlors’ marriage breaks down and they are no longer able to exercise their trustee powers. Everyone is busy attempting to remove and replace trustees to wrest control of the trust. Inevitably the matter comes before the court. What is the court to … Continue reading
Sometimes settlors of trusts change their mind. Generally it is too late at the point this happens, the deed is literally done. Assets have been transferred, debts forgiven and new relationships and obligations have come into existence. However, what is the position where property is sold to a trust with a debt back, there is an … 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
1 does not equal 2. A trust is not a legal entity. The trustees of a trust are the “legal” face of the trust. When there is more than one trustee, generally all of the trustees must be party to the agreement. These are fundamental propositions of trust law. That means that if the trustees of … Continue reading
Trustees do not always get on as well as is necessary to do the job of being a trustee. Friction in the trustee relationship can arise for many reasons, often, but not always, the friction relates to the break down of a family relationship. When trustees cannot get on the issue to be determined is … Continue reading
It is relatively well understood that it is not possible to record that the legal title to a privately owned property is held on trust: Land Transfer Act, s 128. However, a lesser known “no survivorship” notation can in fact be used to indicate that the land is owned on trust: Land Transfer Act s 131 … Continue reading
Matters of Trust 