Description

The age of trust information

The Trusts Act 2019 introduced a new presumption that trustees will give basic trust information to every beneficiary. The basic trust information is:

• that a person is a beneficiary of the trust
• the name and contact details of the trustee
• any change of trustee, as it occurs; and
• beneficiary’s right to request a copy of the trust deed and trust information

Notwithstanding the limited scope of basic trust information, disclosure continues to be one of the more contentious aspects of the Trusts Act raising wide-ranging issues regarding the due and proper administration of trusts, beneficiary privacy and fishing expeditions.

While beneficiaries need to consider the wisdom of wide-ranging requests for trust information without an appropriate foundation; equally trustees need to carefully consider why proactive disclosure should not be embraced.

Further, domestic trust reporting obligations have added further nuances to disclosure and communications with beneficiaries, settlors and appointors.

This webinar will consider:

• what “every” beneficiary means
• what is “trust information”?
• starting disclosure conversations
• responding to disclosure requests
• information protocols
• a critical assessment of the factors in s 53 (procedure for deciding whether the presumption applies)
• the costs of failing to disclose

Practical examples will be provided by reference to contemporary case law.

ORIGINAL BROADCAST DATE

25 October 2023

LEARNING OUTCOMES

Attendees will learn to critically assess trustee’s disclosure obligations on a principled basis.

SUITED TO

This webinar is targeted at all practitioners at all levels with an interest in trust law but will be of particular interest to practitioners who advise clients who are establishing new trusts.

PRESENTER

Vicki Ammundsen, Director, Vicki Ammundsen Trust Law Limited.