Application for variation OF THE WA STEVENSON MEMORIAL TRUST HC AK CIV-2012-404-5093

Application for variation OF THE WA STEVENSON MEMORIAL TRUST HC AK CIV-2012-404-5093

The Court has power under the Trustee Act 1956 to approve the proposed variations on behalf of infant and unborn beneficiaries; the variations do not remove trust assets or alter beneficial entitlements, they materially improve the trustees' ability to manage and commercialise trust assets for beneficiaries' benefit, adult beneficiaries and settlors support the change and the Family Council continues to protect family heritage, therefore the variation is in the best interests of all beneficiaries and is approved.

Citation
openlaw-bb1c919c_5875_40dd_9eb4_e2f917e0c2ef.pdf
Parties
Applicants: Gordon James Luke; Mark Kennedy Stevenson; Jocelyn Elizabeth Moore; James Ross Stevenson; Barrie Mackechnie Brown; Adrian Brent Orr (trustees of the WA Stevenson Memorial Trust); Beneficiaries: Infant and unborn beneficiaries of the WA Stevenson Memorial Trust
Court
High Court
Jurisdiction
New Zealand
Judgment Date
22 November 2012
Procedural Posture
Variation of Trust Under Trustee Act 1956 / Application Heard and Decided; Judgment Granting Approval (22 November 2012)
Outcome
Application granted; Court approved the proposed variation of the WA Stevenson Memorial Trust deed.
Legal Topics
Variation of Trust, Trustee Powers, Beneficiary Consent, Protection of Family Heritage, Commercial Management of Trust Assets
Trusts Equity Commercial Law Family Law Variation of Trust Trustee Powers Beneficiary Consent Protection of Family Heritage +1 more

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Parties

Gordon James Luke; Mark Kennedy Stevenson; Jocelyn Elizabeth Moore; James Ross Stevenson; Barrie Mackechnie Brown; Adrian Brent Orr (trustees of the WA Stevenson Memorial Trust)

Applicants

Infant and unborn beneficiaries of the WA Stevenson Memorial Trust

Beneficiaries

Procedural Posture

Variation of Trust Under Trustee Act 1956 / Application Heard and Decided; Judgment Granting Approval (22 November 2012)

Legal Issues

  1. 1 Whether the Court should approve the proposed variation of the trust under the Trustee Act 1956 on behalf of infant and unborn beneficiaries
  2. 2 Whether proposed variations impermissibly defeat the settlors' intention to protect Lochinver
  3. 3 Whether the variations are in the best commercial and familial interests of beneficiaries given existing Family Council protections

Ratio Decidendi

The Court has power under the Trustee Act 1956 to approve the proposed variations on behalf of infant and unborn beneficiaries; the variations do not remove trust assets or alter beneficial entitlements, they materially improve the trustees' ability to manage and commercialise trust assets for beneficiaries' benefit, adult beneficiaries and settlors support the change and the Family Council continues to protect family heritage, therefore the variation is in the best interests of all beneficiaries and is approved.

Court Disposition

Application granted; Court approved the proposed variation of the WA Stevenson Memorial Trust deed.

Orders

  • Variation of the trust deed approved under Trustee Act 1956 on behalf of infant and unborn beneficiaries.
  • File subject to direction that it not be accessed without permission of a Judge; any application for access to be made on notice to the parties.