Estate Planning

Hull & Hull LLP Estate, Trust and Capacity Law Breakfast Series

By Hull & Hull LLP

Yesterday, Hull & Hull LLP hosted one of its informative Breakfast Series.

David Smith started off the seminar with a talk on the challenge of exercising an estate’s controlling interest in private corporations.  His discussion included the following observations:

-                   the obligation of an estate trustee to exercise his or her controlling interest is that of a “reasonably prudent businessman”

-                   the trustee must determine the value of the company in as timely a manner as possible

-                   depending on the wording of the Will, the trustee must provide for the company’s continuation, sale or liquidation

-                   in order for the trustee to make such a decision he/she should review the Will, financial statements and corporate records, and should inquire with individuals who have knowledge of the company’s affairs including beneficiaries, family, directors, shareholders, employees, solicitors, accountants and bankers

-                   it is advisable for a trustee to have an active role in management by, among other things, sitting on the board of directors (despite there being no legal obligation to do so)

Sean Graham followed with a discussion on evidence in estate litigation, and Ian Hull spoke about interesting case law developments.  You can find a more thorough consideration of these topics in their presented papers.

Until tomorrow,

Natalia

Full post as published by Toronto Estate Law Blog on June 05, 2008 (boomark / email).