Trusts
When entering a second or subsequent relationship, it is common to want to keep assets safe from relationship property claims. An effective way to do this can be by transferring assets to a trust. Care needs to be taken, however, to ensure you do this within the law.
Decision-making can be affected by bias. In a recent case , trustees’ decision-making came under scrutiny from the High Court.
We assume this will be the case, but as a trustee or executor, you aren’t always entitled to be reimbursed for your litigation costs. A recent case has highlighted the personal liability faced by trustees and executors. If you’re a trustee or executor, here’s what you need to know.
If you are unable to make decisions for yourself at any stage (either temporarily or longer term) it is important there is someone in place to act on your behalf.
When a marriage, civil union or de facto relationship breaks down, the couple will usually divide their property according to the Property (Relationships) Act 1976 (the PRA). However, these two people often hold property in a trust rather than personally.
For wills to be valid they must comply with a number of legal formalities; they must be in writing and there must be two witnesses who must attest to the will-maker signing the will in their presence.
Trusts have been established for many different reasons, including estate planning, creditor protection, to ensure access to rest home subsidies, tax benefits or for protection from relationship property claims.
If you have a family trust set up a number of years ago, it’s good practice to review it to ensure it is still ‘fit for purpose’. Leading on from that is the question that is often asked of us, “Should I bring my trust to an end?”
There comes a time in life where a certain amount of role reversal takes place between children and parents.
All trustees have tasks and duties that have to be performed on a regular basis, even in small family trusts. It’s a burden of responsibility nobody can reasonably be expected to bear for life. This raises questions. When is the right time to walk away? What happens if an ageing trustee is no longer mentally competent? Here are the answers.