-
Subscribe
Subscribed
Already have a WordPress.com account? Log in now.
It is common for life insurance policies to be assigned to trustees. However, less common is the establishment of any sort of frame-work for reviewing these policies. Issues that spring to mind in no particular order include: does the policy represent value for money? This is particularly relevant as the insured ages and premiums increase. … Continue reading
Vicki Ammundsen is presenting a webinar introducing trust concepts on 10 May 2013 at 10.30. The one hour webinar will be followed by 1/4 hour for Q and A. Topics covered will include: The requirements of a valid trust The significance of the fact that a trust is not a legal entity Independent trustees Contracting with trusts – … Continue reading
There was a little story in the Herald today. Well a little story, but some interesting numbers. The story was about former National Bank personal manager Mr Cooper who admitted 41 criminal offences that related to the theft of nearly $1milllion (a reasonably big number) and some related money laundering. The theft happened over a period … Continue reading
I enjoyed a spirited discussion tonight regarding the role of trustee and whether it is sufficient for one of a number of trustees to manage the trust and make all decisions regarding distributions provided that reports were made to the other trustee. Given the duties of management and accouting that trustees have and the obligations … Continue reading
Previous blogs have chronicled the lamentable mess that results when trusts settled to benefit parties and their children become deadlocked when the same parties fall out of favour with each other. So what are the parties to do when they remain unwilling co-trustees after the love has gone? One option is to seek the assistance … Continue reading
The recent decision in Selkirk v McIntyre raises the largely unappreciated issue regarding the extent to which a trustee can make recovery from a co-trustee on account of liability that has been incurred by the trustee. The case also addresses (once and for all might be an optimistic assessment) whether the fact that a co-trustee … Continue reading
The recent High Court decision in Clayton v Clayton has been appealed and cross-appealed. Leave has also been given for certain appeals to be made out of time. The appeal will be heard on 14 July 2014. In the meantime, Mrs Clayton has served a bankruptcy notice on her former husband in respect of costs … Continue reading
I reviewed a couple of trust deeds today. Nothing unusual, it’s what I do. For the record when reviewing a deed of trust I start of with my trust review check list and I finish off with a summation of what I feel. While the check list elements are helpful in highlighting drafting errors and shaping my … Continue reading
Relationships and trusts make poor bedfellows when relationships come to an end. Trustees who are bitter over the end of a relationship are often unable to acquit the obligations and duties owed as a trustee to a beneficiary who is no longer loved and cherished. Relationships and trusts can make even poorer bedfellows when trustees are … Continue reading
This blog could be sub-titled “It’s a little late once the horse has bolted …” As beneficiaries become increasingly aware of their rights, the question that some will ask from time to time is, “what can I do if I think that the trustees aren’t acting in my best interests, but there is no clear … Continue reading
Matters of Trust 