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New auditing and review requirements have been announced that will apply to charities with annual exenditure of $500,000 or more. Currently all registered charities are required to attach financial statements to their annual returns. New requirements announced this week will provide that charities with annual expenditure of $500,000 or more will need to have their financial statements reviewed … Continue reading
The decision in Roberts v Francis further highlights the need to respond to beneficiaries’ information requests in a timely fashion. The background facts can be summarised as follows: Dr Roberts died intestate His wife obtained letters of administration The beneficiairies of his estate, as determined by the Administration Act were his wife and his children … Continue reading
Commentators and advisers have been divided regarding whether or not gifts made by couples are aggregated for residential care subsidy purposes. A decision by the High Court that gifts are aggregated, has now been up-held by the Court of Appeal. So what does this mean? Simply, for a person with a spouse or partner, gifts … Continue reading
Or am I? The unsuccessful summary judgment application in Herron v Wallace highlights the importance of being able to evidence appointment as trustee. In this case the plaintiff was seeking to recover over $2.5m under a deed of settlement and a deed of acknowledgment of debt. Due to the plaintiff’s intervening bankruptcy it was essential … Continue reading
I’ve taken some liberties with the heading, the couple in question may not yet be divorced. They are separated. In a sequel to a previous blog regarding litigation to determine whether a $1.22 m loan was in fact a gift the High Court has determined that the sum in question was in fact a loan. Background … Continue reading
Deeds of trust contain the rules by which trustees are to operate. However, what are trustees to do if one or more trustees acts in defiance of these rules? While hind sight is 20/20 the starting point has to be to not actually let a trust get into a position where one trustee can call … Continue reading
Other blogs have noted what poor bedfellows trusts and relationships make. This observation is supported by the recent decision in Spence v Lynch . Paragraph 3 of Priestley J’s decision in this case neatly setting the scene for the ultimate show down that could be paraphrased “bad things happen to bad trustees.” “[3] The relationship of the man and … Continue reading
A trust can exist independently of any deed or express arrangement. This was demonstrated in a recent case where a father was required to account to his two daughters for gifts and money they earned in a school holiday job. The case was widely reported as kids sue father for pocket money has a catchy ring to it … Continue reading
Anti-money laundering, counter financing of terrorism could be coming to a trust near you soon. The article below was published in the Law News earlier this month. Although pretty dull stuff, the message to take away is some of this stuff might apply to you. Read on (perhaps fortify yourself with a strong coffee first – there … Continue reading
Vicki Ammundsen is presenting a webinar on winding up trusts on 19 June 2013 at 10.30. The one hour webinar will be followed by 1/4 hour for Q and A. This webinar, which will include the opportunity to ask questions, refers to recent case law to canvas why, how and where trustee liability arises; and what trustees … Continue reading
Matters of Trust 