Description

A trust can be wound up:

• following final vesting
• due to the the final vesting date or date of distribution being brought forward
• pursuant to the rule in Saunders v Vautier, or
• pursuant to part 6 of the Trusts Act 2019

Whatever the basis for the wind up there are practical considerations to address. This practical webinar will consider when and how trusts can be wound up together with matters that need to be taken into account when a trust is brought to an end including important liability and indemnity considerations.

HIGHLIGHTS
This webinar, which will refer to contemporary case law and conclude with a question and answer section, will utilise work flow processes relevant to the different ways trusts can be wound up. The materials provided include a work book containing useful precedent wind up documents.
Topics covered include:

• factors to take into account when advising on a trust wind up
• the mechanics of winding up a trust
• inadvertent vesting
• tax consequences
• accounting requirements
• practical matters to attend to
• corporate trustee considerations
• appropriate indemnities
• liabilities that occur after a trust has been wound up
• trustee’s liens
• court assistance, and
• post wind up record keeping.

Cases considered include:

• Kain V Public Trust [2023] NZHC 2535
• Ryan v Lobb [2023] NZHC 689
• Grand View Private Trust Company v Wang UKPC [2022] 47
• Nadan v Sharma [2022] NZHC 2553
• Valentini v McGowan [2021] VSC 154

ORIGINAL BROADCAST DATE

22 November 2023

LEARNING OUTCOMES

Trusts are regularly wound up. However, in the absence of formal guidelines, the steps required (regardless of the reason for the wind up) are not always clear. This webinar will highlight matters to take into consideration to ensure that the trustees adopt a suitable decision making process, that any risks to trustees are identified and managed and that all trust and tax obligations are attended to before a trust is brought to an end.

SUITED TO

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

PRESENTER

Vicki Ammundsen, Director, Vicki Ammundsen Trust Law Limited.