Many Canadian couples will die with a net worth of more than $1-million, and it is important to properly plan for the distribution of this wealth. (more…)
Being an estate executor is not as simple as it may seem. The job can be full of unexpected responsibilities and conflicting demands from beneficiaries, often with a large value of assets at stake.
Upon death, your will may be subject to a probate fee, which reduces the value of your estate for your beneficiaries. In order to avoid paying probate fees, a trust can be set up as a simple strategy to protect your assets. (more…)
I came across an article which was published in the Sydney Morning Herald and it discusses the importance of selecting the right person to administer your estate following your demise. (more…)
The Ontario Lawyers Gazette published a helpful article titled “Succession Planning Protects You and Your Clients,” which reminds licensees of the importance of planning for the future. (more…)
It is not uncommon to see a substantial decline in securities such as Nortel. In light of the recent amendments to the Trustee Act, which appears to embrace the modern portfolio theory, it will be interesting to see how a court will utilize this theory to assess a trustee’s investment performance. (more…)
Where an infant is awarded damages in a personal injury case, the manner in which the award is structured will often include a trust established for the benefit of the infant. In many cases, the funds are managed by the Public Guardian and Trustee (PGT), but it is not uncommon for the funds to be held by one or more private trustees. Where a private infant settlement trust is to be established, the terms of the trust must be carefully considered, as proper structuring of the trust is a crucial part of ensuring that the infant plaintiff will receive the maximum benefit possible, whether it be for future care, accommodation, education or other needs.
Scot Dalton of Estate Risk Protection Plan Inc. talks to Ian Hull of Hull & Hull LLP about estates with perceived risk attached to them. Hull explains whether he is able to identify estates with a risk of administrative error occurring and discusses the significance of human nature in estate disputes.
The great American legal scholar Austin Scott, in the introduction to his seminal work on the Law of Trusts, pronounced, without a hint of qualification, that the development of the concept of the trust was one of the great creations of English common law. Indeed, some commentators would argue that the trust concept, as the significant building block in the evolution of sophisticated property law, was a major factor in propelling the world to the forefront of a highly evolved commercial system which ultimately has permitted the tremendous technological transformations occurring in our own time. These and other heady claims for the major influence of the trust may be debated but there can be little doubt that the multi-faceted use of the trust is unrivalled by almost any other property or commercial vehicle or entity.
The omnipresent use of the trust is seen in our everyday dealings and lexicon; most everyone today has variously had contact with a “trust company”; a ” trust officer” a “deed of trust” a “family trust” an “executor and trustee” and numerous other entities and vehicles bearing the name trust. Given the influence and utility of the trust, one would think that most of us would be able to give at least a basic explanation of the origins of a trust and what it is. That, I suspect is not the case and even those professionals who work with trusts for their livelihood probably do not give its history or conceptualization a moment’s thought. But for those of us working in the area of trusts, it is important from time to time to step back and reflect on these issues, not only as a matter of interest, but because it ultimately is helpful for understanding the various needs of customers and clients. For example, the fact that the trust was the actual creature of the courts is important to bear in mind because it anchors the trust in the very heart of the legal, as opposed to the commercial structure. This has all kinds of implications, perhaps most generally expressed as the courts continued insistence that they have an abiding interest in the monitoring of and if necessary, intervention in the trust.
At this Conference we will be discussing the various types and uses of trusts and also some of the pitfalls which can lead to a successful attack on a trust. My comments, like those of my colleagues, will touch on these different considerations, but I also thought it useful to give a brief introduction to the history of the trust which might permit some of the more detailed discussion to be put into a larger context.
Read the full document: Pre-Emptive Strike: Restricting Attacks on the Trust
For more information, visit Clark Wilson LLP.
When the assets of an estate are left for trustees to invest, the task can be quite complicated and may lead to a myriad of issues with the beneficiaries. (more…)