New Zealand Herald data journalist Keith Ng estimates that 325,000 New Zealand properties have trusts involved in their ownership structure. See In properties we trust – it’s the Kiwi way by Anne Gibson (New Zealand Herald 18 January 2020). However, what the true number is cannot be definitively determined as s 153 of the … Continue reading
In Carson v Lane Thomas J explores the moral duty owed by a father to his estranged adult children balanced against the father’s wishes that his windfall wealth be utilised in the furtherance of research and development of the Galloway breed of cattle. His final will, which was made in the face of strong legal … Continue reading
Vesting orders are commonly required for trusts and estates where one or more trustee has lost capacity and the assistance of the court is required to regularise property ownership. While generally routine, each application depends on its own facts. Lester AJ’s decision in Smith v Walsh is a good example of the nuances of incapacity and … Continue reading
The Law Commission has announced the terms of reference for a review of succession law. The law of succession is the system of rules that governs who gets a person’s property when that person dies . The Law Commission will review this law and report to the Minister with recommendations by the end of 2021. … Continue reading
Revenue Minister Stuart Nash has announced that the Government will move to restrict donation tax credits and gift deductions to cash donations (including payments made by credit card or bank transfer). This announcement follows the Court of Appeal decision in CIR v Roberts that upheld a High Court decision in the same matter and ruled … Continue reading
The background of this matter is set out at [1], [2], [3] and [4] of the High Court judgment as follows: [1] The plaintiff, Camray Farms Ltd (Camray), and the second defendant, the Gordon Moore Trust (GMT), each claim priority to the proceeds of sale of properties in Ohaupo known as the Neighbouring Property and … Continue reading
On 11 December 2019, Vicki Ammundsen is presenting a webinar Trust Series 2019 – Current Trust Issues. This webinar will provide an up to date consideration of the issues facing trustees and their advisers in a rapidly changing trust landscape. The webinar will be complimented with materials that expand on the matters discussed. HIGHLIGHTS This … Continue reading
A Benjamin order is an order made by the court for the distribution of assets on death when it is uncertain whether or not a beneficiary is alive. The order authorises the personal representatives of the deceased to distribute the property on the basis that the beneficiary is dead (or on some other basis). … Continue reading
The Government has released its response to the Law Commission report, Review of the Property (Relationships) Act 1976 Te Arotake i te Property (Relationships) Act 1976, which was presented to Parliament on 23 July 2019. The report has recommended that the rules applying to relationships ending on death be examined within the context of a broader review of … Continue reading
Trust law is evolving at an increasing pace as it responds to case law developments, societal and legislative challenges. Beneficiaries are more aware of their rights. Trustees of discretionary trusts have wide powers, but an increasingly wide range of considerations take into account before these should be exercised. The Trusts Act 2019 will not be … Continue reading
