The relationship between trustee and beneficiary can give rise to risk of conflict in certain situations. This is particularly the case when the control of family wealth held in a Trust is passed between generations, as illustrated by the recent Rinehart litigation.
The session considered:
- effectively transferring Trustee and other controlling roles between generations
- strategies to rule from the grave by controlling future trustee decisions
- consideration when there are significant beneficiary loan accounts/unpaid present entitlements
- when the Court will review a decision of a trustee, including decision to amend the terms of a trust
- when the court will remove a trustee
- succession planning options for family business structures that include a trust or trusts.