The right of the trustee to an indemnity for costs and expenses incurred in the course of office is “recognised as an incident of trusteeship.”
McCallum Jnr v McCallum
However, as confirmed by the Supreme Court in Lambie Trustee Limited v Addleman:
“… the right to indemnity applies to costs “properly incurred.” It is not disputed that “careless and unreasonable conduct in the conduct of litigation” may deprive a trustee of the indemnity. Further, as the Court of Appeal noted in McCallum Jnr, “[a] trustee partisan in his [or her] own interests or the interests of only some beneficiaries likewise may be deprived of indemnity”.
This webinar, which includes a comprehensive paper and concludes with a question and answer section, will consider the outcome of recent cases to demonstrate how trustee liability arises and the practical steps that can be taken to manage the risks of trusteeship.
Topics covered will include:
Although it is common for a deed of trust to limit a trustee’s liability to the assets of the trust, many circumstances can arise where a trustee is personally liable for losses. Accordingly, it is essential that trustees (and their advisers) understand and manage the risks inherent in the appointment as a trustee.
5 April 2023
Attendees will learn:
This webinar is targeted at practitioners at all levels but will be of particular benefit to practitioners who advise trustees or who are trustees or directors of trustee companies.
Vicki Ammundsen, Director, Vicki Ammundsen Trust Law Limited.
1.5 CPD Hours