Published Date: 12 Apr 2024
Family trusts are the repository of enormous wealth in Australia, and for good reason — their ability to separate ownership of assets from their control can provide a suite of planning and asset protection opportunities. However, trust litigation is on the rise. The ageing population of many current trust controllers is one contributing factor, and it follows that trust controllers and their advisers need to be increasingly familiar with trust law and trust administration. This article undertakes a systematic review and analysis of recent trust case law and identifies key takeaway points to assist advisers working with trusts and their controllers, including: the necessity of having a sufficient understanding of trust complexity; the value in keeping up to date with developments in trust case law and legislation; an understanding of the impact of the death of a trust controller on the administration of a trust; and the likelihood of a trust dispute arising.
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