VANCOUVER, BC--(Marketwired - November 28, 2016) - This week the Kushner Law Group, a team of lawyers in Vancouver, tackle a variety of legal problems pertaining to family law and estate planning. Their latest blog discusses the subject of trust termination by beneficiaries. For more, go to: http://kushnerlaw.ca/collapsing-trusts-applying-to-bc-court-to-end-trust-account/
Estate Planning is fundamentally an attempt to control the dispersal of assets after a person dies. One area of concern is when a will-maker dies and leaves a large estate to a young adult who may not be capable of managing such a significant windfall.
One method of preventing the young beneficiary from mismanaging their new assets is to set up a testamentary trust whereby their funds are held by a trustee who will release the assets when a beneficiary turns a certain age.
Trust law can be quite complex, and a number of factors are determinative with respect to the adequacy and effectiveness of the trust, but there is a common law remedy developed in an old case entitled Saunders v. Vautier, which enables an adult beneficiary (over the age of 19) who is not under a disability to apply to the Court to collapse the trust.
In the seminal book on Trust Law, by Donovan Waters, The Law of Trusts In Canada, Mr. Waters explains the rule in Saunders v. Vautier as follows:
If there is only one beneficiary, or if there are several (whether entitled concurrently or successively), and they are all of one mind, and he or they are not under any disability, the specific performance of the trust may be arrested, and the trust modified or extinguished by him or them without reference to the wishes of the settlor or the trustees.
If you are the sole beneficiary of a trust and have concerns about its administration or would like to see the Trust collapsed, it is critical to seek legal counsel. The team at Kushner Group can provide timely legal advice that's relevant to your situation. Contact Kushner Law Group at 604-629-0432 to learn more.
About the Company
The Kushner Law Group was founded on the principle that a small law firm should be able to offer the same level of legal advice as a big firm at an affordable cost. A unique combination of legal experience and creativity allows the professionals at Kushner to come up with creative and practical solutions for a variety of legal problems.
For additional information, please visit http://kushnerlaw.ca/ or call 604-629-0432.