Trusts

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Secret Trusts

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Secret and trusts are essentially trust arrangements made between a testator and a trustee, without written disclosure or agreement of the terms of the arrangement, but where an understanding exists between the parties. Based on precedent in case law, the essential elements of a secret trust are: • An intent by the testator to subject the trustee to an obligation in favour of a beneficiary; • Communication of that intent….

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Estate Administration, Estate Litigation, Liability, Resulting Trust, Trustee, Trusts, Uncategorized, Wills

Alter Ego Trusts: Every Rose Has Its Thorns

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This article was first published in STEP Insider. Historically, individuals have taken comfort in the knowledge that their last will and testament is a statement of their final wishes for the disposition of their accumulated wealth. However, in the face of increasing wills litigation and fees payable in connection with obtaining probate, advisers are now seeking planning alternatives to traditional wills. One such alternative is the alter ego trust, a….

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Trusts

Can You be Removed as a Trustee Without a Replacement?

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The recent case of Novak v. McDougall, (2019 SKQB 261), confirms that when you have accepted an appointment to be trustee, you may not be able to have yourself removed from that appointment without a suitable replacement. The applicant in this case, a beneficiary of a “Henson” trust (basically defined as being entitled to distributions from a discretionary trust but having no vested interest in the trust assets) set up….

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Capacity Law, Contested wills, Costs, Credibility, Estate Administration, Estate Litigation, Executors, Family Conflict, Guardianship, Passing Of Trustees’ and Executors’ Accounts, Resulting Trust, Trustee, Trustee Compensation, Trustee Disputes, Trusts, Uncategorized, Wills

Secret and Semi-Secret Trusts: An Unusual Approach to Testamentary Dispositions – Part II

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Guest written by Giancarlo Mignardi, Student-at-Law at Fasken Martineau DuMoulin LLP Last week, I provided an overview of secret and semi-secret trusts, as well as the legal framework that allows for their existence. Today, I will discuss some of the practical uses of such trusts in modern estate-planning, as well as some of the difficulties that arise in proving these trusts. As will be noted, while these unique arrangements can….

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Trusts

Fiduciary Investing Series – Fun, fun, funds

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This blog has been written by Robert Boyd, Director, Scotiatrust. Mutual Funds, Hedge Funds and Exchange Traded Funds (ETFs) are all well known to the general public and reasonably well understood investment vehicles, however there is a trust specific fund that has fallen out of favour in recent years, somewhat unduly in my view. Common Trust Funds (CTFs) are a type of pooled fund that can be created under trust….

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Estate Administration, Investments, Trusts

Secret and Semi-Secret Trusts: An Unusual Approach to Testamentary Dispositions – Part I

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Guest written by Giancarlo Mignardi, Student-at-Law at Fasken Martineau DuMoulin LLP When we think about testamentary gifts, we typically think of outright gifts, and testamentary trusts, both of which are typically set out in the terms of a Will. However, there is another, lesser-known option: the secret (and semi-secret) trust. This week and next, I’ll explore the use of secret and semi-secret trusts––what they are, how they have been historically….

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Trusts
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