Login
Login

Your trusted CPD partner

19TPLW

Trustees - Professional liability

NZ $40.00
Vicki Ammundsen 19TPLW Jeremy Johnson
Vicki Ammundsen
Vicki Ammundsen Trust Law
Auckland
Jeremy Johnson
Wynn Williams
Christchurch

Authors: Vicki Ammundsen, Jeremy Johnson
Published: 14 November 2018
Pages: 33

Introduction

Being appointed a trustee can be an avenue to a revenue stream; and for many accountants and lawyers it is still a regular part of day-to-day business. While appointment as a trustee raises issues of liability and risk, these risks can be managed through appropriate governance and trust management practices, and in some circumstances with the assistance of the court.

By way of background, it is a fundamental proposition of trust law that trustees act personally. This means that a trustee who incurs liability can put that trustee’s personal assets at risk. While this may be able to be addressed in some part through the use of a corporate trustee, the simple adage of “prevention being better than cure” cannot be over-stated in the matter of trustee liability.

While the risk of incurring liability as a trustee cannot ever be completely avoided, this paper will demonstrate how the risks can be substantially minimised through the adoption of appropriate governance.

The purpose of this paper is to highlight some of the obvious risks of acting as a trustee and provide some practical advice as to what steps can be taken to minimise liability. The paper:

  • discusses sources of trustee liability;
  • considers how to limit liability through suitable indemnity and limitation of liability clauses;
  • considers how to limit liability with the assistance of the court;
  • discusses insurance options;
  • sets out governance considerations; and
  • outlines practical steps that can be taken to minimise liability.

Content outline

  • Sources of Trustee Liability
  • Extent of Trustee Liability
  • Limiting Liability and Indemnities
  • Insurance
  • Governance Considerations
  • How Trustee Liability can be addressed or mitigated though appropriate Governance
  • Directions Pursuant to the Trustee Act
  • The use of Corporate Trustees to minimise Liability
  • Director Liability
View contents page

You might also be interested in ...

Registrant Details

Use this window to add all the registrants you wish to register on behalf of. If you want to attend the course also, ensure you add yourself as one of the registrants. Make sure you press ‘save’ after adding each new registrant.

Proceed to Checkout

Wills and Estates

Publication Date: 14-Jun-2018

Authors: Vicki Ammundsen, Stephen McCarthy

NZ $55.00

Multiple Registration

Winding Up a Trust

Publication Date: 13-Mar-2018

Authors: Greg Neill, Ala Sonti

NZ $35.00
Contact us to order
 
CONTACT
INQUIRIES
freephone (within NZ)
0800 333 111

EMAIL 
cle@lawyerseducation.co.nz

PHONE
04 472 7837

FAX
04 463 2986
 
ADDRESS
NZLS CLE Ltd
Law Society Building
26 Waring Taylor Street
Wellington 6011

DX SP 20202
PO Box 5041
Wellington 6140
New Zealand