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Trust Practices Under Threat!

Published on 13 Sep 2006 | Took place at Hawthorn Receptions, Hawthorn , VIC

The recent Westpoint litigation and other recent trust cases are testing the merits and fortitude of family trusts and everyday trust practices. Question now being posed:
- can family trusts any longer be relied upon for asset protection?
- do trust deeds need to be redesigned?
- who is the owner of property assumed to belong to a trust?
- how are unpaid trust distributions treated by the law?
- is the law on family trusts fundamentally changing?

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Individual sessions

Everyday trust practices under siege

Author(s):  Jeffrey CHANG

This paper highlights the lessons learnt from recent cases on common trust dealings and practices including:

  • treatment of settled sums
  • unpaid distributions: present entitlements v. separate trust funds
  • beneficiary ‘loans’. Is it really a loan?
  • mistakes as to ownership of trust assets.
Materials from this session:

Discretionary trust interests: the Westpoint litigation

Author(s):  Ron JORGENSEN,  Renuka SOMERS

This paper addresses the implications of the Westpoint litigation for trusts and what the future holds in relation to the following:

  • can a discretionary beneficiary have an ‘interest’ in a family trust?
  • how can family trust assets be exposed to claims against beneficiaries?
  • what is likely to happen with beneficiaries, appointors, guardians and trustees in future?
Materials from this session: