Description

What to expect 

This webinar will provide an in-depth study of beneficiaries and beneficiary rights. The Supreme Court decision in Erceg v Erceg has provided valuable guidance about the rights of beneficiaries to information. However, in 2020 it is time to look beyond that because armed with that information – what can a beneficiary do? This webinar considers whether and when beneficiaries can:

• challenge trustee decisions
• seek the removal of a trustee
• caveat trust property
• seek costs from a trust to fund beneficiary lead litigation

Attendees will receive a paper that includes case notes and a useful checklist that canvasses matters to be taken into consideration for trustees responding to information requests.

HIGHLIGHTS
This webinar, which will conclude with a question and answer section, will focus on:

• the presumption of disclosure of basic information to every beneficiary in the Trusts Act 2010
• how trustees will make decisions regarding disclosure
• what trustees should be doing now to prepare for dealing with beneficiaries
• guidance from Erceg v Erceg and Addleman v Lambie
• exercising powers to add and remove beneficiaries – when are these fiduciary?

Other topics covered will include:

• A discussion of the rights of different beneficiaries and matters settlors need to take into consideration when drafting deeds of trust
• Drafting and amending classes of beneficiaries moving forwards
• How trustees should respond to information requests from a beneficiary
• What documents can be expected to be disclosed to a beneficiary
• Appointment and removal of beneficiaries – from the perspective of the trustee, the beneficiary and appointor
• Beneficiaries challenging trustee decisions
• The unreasonable beneficiary – who pays for that?
• The costs of getting it wrong

WHY ATTEND
Beneficiaries are fundamental to a valid trust. Although modern discretionary trusts commonly allow some beneficiaries to be favoured over others, it is important for trust practitioners to have a good understanding and appreciation of what rights any particular beneficiary has, when or how these rights can be enforced or lost; and the exercise of powers of appointment and removal. This will be particularly important as trustees consider removal of beneficiaries or winding up trusts to avoid the presumption of disclosure to ever beneficiary that will apply when the Trusts Act 2019 comes into full force and effect on 30 January 2020.

ORIGINAL BROADCAST DATE

8 April 2020

LEARNING OUTCOMES

Attendees will learn:

• What rights beneficiaries have now and when the Trusts Act 2019 comes into full force and effect
• How trustees should consider an information request
• What information does not need to be disclosed to beneficiaries
• Drafting considerations
• Matters to take into consideration when appointing and removing beneficiaries

SUITED TO

This webinar is targeted at all practitioners at all levels but will be of particular interest to practitioners who advise trustees or beneficiaries.

PRESENTER

Vicki Ammundsen, Director, Vicki Ammundsen Trust Law Limited