Trustee Act

This tag is associated with 6 posts

War of the roses

War of the Roses is a 1989 American film based on the 1981 novel The War of the Roses by Warren Adler. The film, which  co-stars Michael Douglas, Kathleen Turner and Danny DeVito chronicles the demise of a marriage  against the backdrop of a beautiful home that the couple, literally fight to the death over.  Trust disputes can be … Continue reading

I won’t sign until I get what I want – who pays for that decision??

When a trustee is removed as a trustee of a trust; say pursuant to a power of appointment and removal of trustee; it is necessary to separately arrange for the transfer of any trust assets to the remaining and any new trustees.  However, some trustees are not happy about being removed as trustees and may … Continue reading

Court approval for resettlement – a wise invesment

Dealing with trust owned assets following the demise of the settlors’ relationship can be tricky.  Many of the traps and pitfalls that can befall trustees who have diffficulties differentiating between the rights as beneficiaries and the obligations they owe as trustees are highlighted in the cases that comprise the back story to  Irvine and Taylor … Continue reading

When the trust outlasts the love

Trusts are settled with the best of intentions – and given that a discretionary family trust can last for up to 80  years – long term intentions.  However, when the settlors fall out, those intentions can fall victim to the relationship fall out. So what are the trustees to do?  There may be trust property … Continue reading

Variation of will trust

It is not uncommon for discretionary trusts to varied with the assistance of the court, which is provided for in the Trustee Act 1956 (s 64, 64A).  However, the recent decision in the Matter of the Estates of Earl and Beverley Stick highlights the fact that s 64A can also be used to vary will trusts … Continue reading

When corporate trustees go bad

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