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Trustees who meddle are not always meddlers

What costs can trustees be indemnified for if their term as trustee has expired without the trustee realising?  If future appointments and other actions of the trust have been done invalidly and require the assistance of the court to validate, can the trustees be indemnified for their reasonable costs from the trust fund? Apparently yes. Background The … Continue reading

Trustees’ dilemma – how old is old enough to know?

The moral dimension of trusteeship arises in many contexts. The recent New Zealand court decisions concerning information obligations to beneficiaries, and the way this is dealt with in the new Trusts Bill, highlight the difficulty of judging what information is too much or too little to disclose. However, general principles on disclosure bypass the consideration … Continue reading

Family relationship minefield

In Sandman v Giboney, Mr Sandman claims that a law firm knowingly assisted a breach of trust by taking will instructions and assisting in the preparation and subsequent administration of a will when the will-maker did not have sufficient capacity to make a will. The matter came before the court in an application for strike … Continue reading

Protecting misdirected trust assets

Dr Love, was the Executive Chairman and a trustee of the Wellington Tenths Trust (the Trust). The Trust manages assets for the Maori people of the Wellington and Taranaki regions. The trustees of the Trust developed a “partnership” business model whereby the Trust  retained ownership of Trust land,  but that development was carried out by third party property developers.  … Continue reading

Trusts Bill released 1 August 2017

The Trusts Bill was introduced to Parliament on 1 August 2017.  The Bill follows the same format as the earlier draft but differs in a number of parts. The Trusts Bill comprises 168 sections and 5 schedules. The policy objectives of the Bill  include the objective of providing “clear, simple, and accessible trust law”.  The … Continue reading