Wills & Trusts Law Reports | May 2016 #159Two settlements known as the Manny and Brigitta Davidson settlements were established by Manny and Brigitta Davidson in 1967 upon broad discretionary trusts, with UK resident trustees. Manny and Brigitta had two children, Maxine and Gerald, born in 1958 and 1961 respectively. The settlements were in identical terms. There was an 80 year perpetuity period, and the appointed day was defined as three days before its expire. The specified class of discretionary beneficiaries included the settlors’ children and remoter issue, their spouses and other family members. Their combined value ...
Wills & Trusts Law Reports | May 2015 #149This was an appeal from a judgment of the Chief Justice dated 12 March 2013 and his subsequent order of 24 April 2013 which required the trustees of a trust to produce financial information to a beneficiary of the trust who was interested in 35% of the trust fund (the minor beneficiary). This appeal was brought by the appointed protector of the trust who was also the principal beneficiary of the trust.
The trust deed contained an information control mechanism (clause 9.2 of the trust deed) which prevented the disclosure of financial information to a beneficiary unless the prot...
Wills & Trusts Law Reports | October 2014 #143The Dion Family Trust was set up by deed as a discretionary trust in Papua New Guinea in August 1973 when Papua New Guinea was an external territory of Australia. It contains the following clause:
’15 [all potential beneficiaries] or any of them may at any time with or without the consent of the Trustee by deed revoke all or any of the trusts hereby declared and declare other trusts of the settled property and income derived therefrom in favour of such person or persons the said [potential beneficiaries] or any of them shall in their absolute discretion determine with or wi...
Sukhninder Panesar considers whether s57 of the Trustee Act 1925 extends beyond variation of the management functions of a trust ‘The courts can use s57 of the Trustee Act 1925 to apportion trust funds or otherwise bring forward the timing of the distribution of trust funds provided that it is expedient to do so and …
Continue reading "Section 57 Trustee Act 1925: The extent of expediency"
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