Can Family Conflict Kibosh a Trust?
“The palest ink is better than the best memory.” (Chinese proverb) A founder dies and the family disagrees about what should happen to the assets. Then some beneficiaries produce emails proving they know what he wanted to happen. Surely the court can step in and wind up the trust? Not so fast. A recent Supreme […]
Contracting with Trusts – Is a Majority Resolution Valid?
Many of us will either be involved in trusts as trustees or will contract with them as outsiders at one time or another – often in the context of a property transaction.
Beware! As a recent Supreme Court of Appeal decision starkly reminds us, trusts are strange creatures, and you need to tread carefully in dealing with them. We’ll look at questions of whether trustees must always act jointly and unanimously or whether it is enough for a majority of them to sign resolutions and documents. Our punchline is a strong warning note on what to look for when contracting with any trust.