Australians love trusts! But some pretty ugly things can happen with trusts, when trustees make controversial decisions. This scenario, presented by David W Mark QC, works through the history of a dispute between a mythical family, and their property-rich discretionary trust. Who wins, when the chips are down? Is it the Tax Office?
- What happens if the trustee makes a mistake in sending income to someone?
- Can a trustee exclude someone from being a beneficiary? Is there any come-back on that?
- What can the beneficiaries do to get mistakes fixed?
- What is the difference between the trust deeds modelled on the Ramsden case, and the BRK (Bris) case?
- How do you extract information from the trustees, to find out what they have done?
- What can go wrong with trust administration?