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In Wiggins v Wiggins the court explores the parameters of section 145 of the Trusts Act, which provide that the Court, may, at the request of a Trustee or a beneficiary or on its own motion, submit any internal matter to an ADR process other than in the situation where the terms of the Trust … Continue reading
The background to Estate of Gaylene Harvey is summarised by Becroft J at [1] to [5] as follows: The issues for resolution were: With respect to the video, which was viewed in Court Becroft J noted at [16] that “… For what it is worth, Gaylene seemed relaxed, clear, and happily participating. It seemed to … Continue reading
Re Candida Trust provides practical guidance as to the scope of section 125 of the Trusts Act 2019 and the use of the High Court’s inherent jurisdiction to permit trustees to sign a new restated trust deed that incorporates varied terms. Background facts Waiver pursuant to section 125 of the Trusts Act As set out … Continue reading
Sometimes it can be convenient to lose sight of the obligations of a trustee due to the manner in which the trustee relationship is referred to or recorded. See Kirkpatrick v Burns[1] where the Court, having reviewed the obligations of bare trustees, said at [62] “Although consideration of whether the trustees are “bare trustees” may … Continue reading
Re Estate of Witchall relates to four blocks of land held by a company removed from the Register of Companies pursuant to the Companies Act 1955. As noted at [3] to [5]: The company in question could not be reinstated to the Register of Companies as there the Companies Act 1993 does not provide for … Continue reading
Cain v Martin relates to wide ranging proceedings regarding the proper administration of the Tolemac Trust following several years of disharmony following the settlor’s death. The most recent proceedings relate to the removal of one of the two trustees due to concerns regarding proper disclosure regarding trust assets and an unauthorised distribution to a trustee … Continue reading
Inland revenue has released a Special Report regarding the increased tax rate. The report outlines the new rules for trusts including: References:
With limited exceptions the trustee tax rate has increased to 39% effective 1 April 2024. Note that for deceased estates: For disabled beneficiary trusts: For more information see Trust and estate changes. References: Tax Bill receives assent (ird.govt.nz)
The Taxation (Annual Rates for 2023-24, Multinational Tax, and Remedial Matters) Bill has had its third reading and now awaits assent. One aspect of the increased trustee tax rate will be the application to testamentary trusts that cannot be fully distributed in the permitted time-frame. While many estates are administered efficiently and without tax implications. … Continue reading
The background facts of NZ Trust Corporation Ltd v Bonnard Lawson Geneve SA & Ors are set out by Associate Judge Gardiner at [1] to [4] as follows: The issues for the Court to determined can be summarised as whether: The following time-line sets out key events that have lead to the proceedings before the … Continue reading
Matters of Trust 