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It is fundamental to the role of a trustee that the trustee must act in the best interests of all of the beneficiairies. This obligation can be sorely tested when the trustees are separated spouses or partners. Many do not pass the test. When trustees cannot work together the prudent course of action is for … Continue reading
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
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
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
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
Trusts, like relationships, are often settled when the future seems rosy and the possibilities are endless. When the relationship dream comes to an end, all too often so does the dreams the settlors had regarding the trust and the trust property. The difficulty where parties cannot make their own decisions, as painful as they may … Continue reading
Trusts are the best long-term intergenerational form of asset protection. However, as litigation involving trusts increases, questions are reasonably asked regarding the “safety” of trusts. If you are looing for answers or guidance Vicki Ammundsen is presenting a webinar on February 19th discussing the fundamentals of trusts. Topics covered by the webinar include: Requirements of a valid trust Differentiation between … Continue reading
It may seem somewhat trite law that once a trust is settled, the settor loses the right, by virtue of having made that settlement, to control the trustees. To put this another way, just because you are the source of the trust’s assets, you cannot determine how these assets are utilised. This fundamental proposition of trust … Continue reading
It is conceded that liberties have been taken with the heading due to space limitations. The point, that cannot be emphasised too much, is that at the most basic level trusts exist to hold, manage and protect, property, for the benefit of the beneficiairies. Not the trustees. A trustee’s liability between the trustee and the … Continue reading
Matters of Trust 