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vickiammundsen

vickiammundsen has written 531 posts for Matters of Trust

Baby and bathwater

Trust “busting” is a topic of enduring interest and has been a feature of the trust landscape as long as trusts have been recognised as a valid form of asset ownership. Jane Phare’s Trust busting: Is it the beginning of the end for hiding relationship property? is a case in point. However, it is important … Continue reading

Relic from the past lives on

The application for leave in Little v Little (see A Little guidance on s 182) has been denied by the Supreme Court. the prime thrust of the appeal was that the trust in question was not a nuptial settlement. Reference was made to Te Aka Matua o te Ture/Law Commission (the Law Commission) recommendation that … Continue reading

Anathema to a trust

Transferring assets that might otherwise comprise relationship property to a trust, might appear an attractive alternative to “I love you” but not enough to share my stuff with you. However, even if the relationship is not yet a qualifying relationship for the purposes of the Property (Relationships) Act 1976 (the Act); dispositions to trust can … Continue reading

No fraud here

Legler v Formannoij relates to a spirited challenge to the appointment of a corporate trustee to act as the sole trustee of a trust. The arguments put to the court included the contention that this was a fraud on a power as the director and one of the two shareholders was formerly a trustee and … Continue reading

It’s mine said the trustee, all mine

The background to the appeal in Lambie v Addleman is encapsulated in [8] and [9] of the decision where the Supreme Court states as follows: The factual background is set out in Whose advice is it?; Rights to information prevail; and Disclosure request declined – 24 years a leap too far for a beneficiary who … Continue reading

Having the last word

Family financial arrangements are commonly not recorded in writing. For this reason questions as to whether a prior advance was a loan or a gift are not uncommon. Comins v Public Trust represents an unsuccessful application for a declaration that a sum of $50,000 was a gift, in circumstances where the deceased’s will provided that … Continue reading

Charities and the Trusts Act

The Trusts Act 2019 applies to all express trusts, including charitable trusts. Chartered Accountants Australia and New Zealand hosted a recent webinar with presenters from Charities Services and Vicki Ammundsen Trust Law Limited exploring the application of the Trusts Act to charitable trusts. See Sharing Knowledge Series: Trust Law Changes and Charities. What Do the … Continue reading

Mandatory or permissible and what about subsequent?

Memoranda of wishes are a common feature of trusts and are considered core documents for the purposes of the Trusts Act 2019 (see s 45(h).  However, what has been less clear is whether letters or memoranda of wishes can be updated over time; and if so whether later wishes can over-ride earlier wishes.  The matter … Continue reading

But wait, there’s more

The Supreme Court decision in Erceg v Erceg is the seminal case regarding disclosure of trust information to beneficiaries. Against the backdrop of that case, wider matters involving the Erceg family provide further jurisprudential consideration. Sain v Erceg relates to an Epsom property registered formerly in the name of the late Millie Erceg and latterly … Continue reading

Barring further claims

It is not uncommon for trustees to seek a release from beneficiaries prior to the final distribution of trust assets.   However, where beneficiaries are reluctant or unwilling a trustee may quite properly be concerned to protect the trustee’s position in the event of a subsequent claim. The avenues to address such a consideration were canvased … Continue reading

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