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The appointment as trustee involves significant responsibility and, in some circumstances, it is inthe best interests of the beneficiaries for a trustee or trustees to be removed. Most commonly a trustee will retire or can be removed pursuant to a power of removal where animosity or other concerns may cloud judgment. However, in some circumstances, … Continue reading
The devil, it is said, is in the detail. While there is no agreement regarding who this statement should be attributed to, this makes it no less correct. It also makes it no less relevant in the context of trusts, where so often what matters, is not what was intended (certainty of intention aside …) … Continue reading
Mistakes happen in all walks of life. Some are easy to remedy, others, not so much. What happens when a mistake occurs in a deed of trust? Some mistakes can be corrected through the trustee’s power to vary; if the deed provides for that. Where the trustees do not have a power of variation, a … Continue reading
Rob Stock recently wrote (Sunday Star times, April 29, D8) about how rising fees were eroding the great legacy of Frank Sydenham and questioning whether, with hindsight Mr Sydenham would have written his will differently. Mr Sydenham’s will provided for the establishment of a trust estate, the income of which was to be used to … Continue reading
The recent decision in SW Trust Limited v Grandad’s Limited highlights, yet again, the number of corporate trustees operated by professionals that accept multiple trustee appointments but that do not appear to wish to be in the trustee business. In the judgment it is noted that: “First, the applicant is a corporate trustee. It was … Continue reading
The jurisdictional boundaries of the Family and High Courts are not always entirely clear in trust matters. While the Family Court has exclusive jurisdiction in relationship property matters, the Property (Relationships) Act 1976 provides that proceedings can be transferred to the High Court in certain circumstances. Further, even if the Family Court is accepted as the appropriate jurisdiction, it may be that … Continue reading
The Proceeds of Crime Act 1991 (since replaced by the Criminal Proceeds (Recovery) Act 2009) provides for the forfeiture of property used in the commission of a crime. In the case of Solicitor-General v Monk the property in question was a family home that had been used in the manufacture of methamphetamine. The fact that the home was owned … Continue reading
The importance of genuine trust management cannot be overstated. Although a common response to what are ofter seen as “rubber stamp” independent trustees, is to dispense with independent trustees altogether, this approach is dangerous and can make it difficult to evidence an effective trust. The fact is, trust ownership can be a bit of a … Continue reading
It is common practice for professional trustees to act as the director of a trustee company rather than personally. The use of a corporate trustee can limit the liability that the professional adviser might otherwise incurred had the adviser acted personally (see McNulty v McNulty where the beneficiaries claim against the director of a corporate trustee was … Continue reading
Matters of Trust 