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Getting it wrong, making it right

There is significant scope for error when drafting deeds of trust.  While it is hoped that any errors will be picked up during the process of reviewing the deed and ensuring it meets the settlor’s wishes, this will not always be the case. While the remedies are not without cost, where a compromising error is … Continue reading

Webinar series

The use (and abuse) of trusts remains an important facet of asset and estate planning.  Vicki Ammundsen is presenting a series of webinars with CCH business fitness targeted at trustees and trust advisers.  The series of webinars also includes a webinar on the increasingly thorny issue of residential care subsidies. For more information (and for the “season pass” special) see: … Continue reading

Webinar – winding up trusts

Vicki Ammundsen is presenting a webinar on winding up trusts on 31 May 2013 at 10.30.  The one hour webinar will be followed by 1/4 hour for Q and A.  Subjects covered will include: Bringing forward the vesting date / date of distribution The mechanics of winding up a trust Tax consequences Practical considerations Dealing with corporate trustees Trustee … Continue reading

Lawyers sued by out of pocket trustees

The blog post, Is it a bird, is it a plane is it a loan? highlighted the importance of determining the nature of funds advanced to a trust. In that case it was argued that a loan advance was a gift. Another case along the same lines was ultimately resolved between the parties and it was … Continue reading

Undisclosed agency decision overturned – but wait there’s more

The High Court decision in Stokes v Colebrook has been overturned on the undisclosed agency point ( for background see My Trust is My Creature).  Note that the parameters of the appeal have since been further defined.  See Stokes, Stokes and Williams as trustees of the Stokes Family Trust v Insight Legal Trustee Company Limited … Continue reading

Public trust law reform

 Section 46(4) of the Trustee Act 1956 provided that the High Court could order the appointment of the Public Trust in replacement for another trustee without requiring the Public Trust’s consent.  Such a provision is necessary to ensure that no trust can fail for lack of a trustee. However, where the trustee in question is the … Continue reading

Life insurance – is it time for a review?

It is common for life insurance policies to be assigned to trustees.  However, less common is the establishment of any sort of frame-work for reviewing these policies.  Issues that spring to mind in no particular order include: does the policy represent value for money?  This is particularly relevant as the insured ages and premiums increase. … Continue reading

Trust fundamentals webinar

Vicki Ammundsen is presenting a webinar introducing trust concepts on 10 May 2013 at 10.30.  The one hour webinar will be followed by 1/4 hour for Q and A.  Topics covered will include: The requirements of a valid trust The significance of the fact that a trust is not a legal entity Independent trustees Contracting with trusts – … Continue reading

Undocumented loans

Small blog, bigger issue. With the abolition of gift duty, many gifting programmes have ceased. However, what has not ceased is advances to trusts. Whether it’s paying the rates, the mortgage, an advance for renovations or a share purchase, the funds keep on flowing. The issue? Where an advance is made to trustees (and keep … Continue reading

Residential Care Subsidy update

As part of Budget 2013 the Government has announced extra funding for residential care subsidies over the next four years.  See: http://beehive.govt.nz/release/budget-2013-70-million-extra-aged-care-and-dementia