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The Government has announced its intention to align the trustee tax rate with the 39% top personal rate effective 1 April 2024. A limited exemption is proposed for deceased estates. The following commentary from the Taxation (Annual Rates for 2023–24, Multinational Tax, and Remedial Matters) Bill also explains the proposed exemption for trusts settled for … Continue reading
McKean Family Trustee Limited v McKean (No 2) relates to an interlocutory judgment regarding whether the Trustee’s costs to defend removal proceedings and for proceedings seeking amongst other things a direction for the sale of a trust owned farm should be met from the Torwood Family Trust (the Trust). The background is set out at … Continue reading
The Supreme Court has granted leave to appeal the decision of the Court of Appeal in Legler v Formannoij. For background see The proper corporate trustee and No fraud here. References:
Gorringe v Pointon is a successful appeal of a High Court decision; the Court of Appeal finding that the deceased’s final and penultimate wills were more probably than not procured by undue influence. The circumstances relating the two wills found to be procured by undue influence are summarised follows: With respect to undue influence as … Continue reading
Re Estate of Olive Ruby Piper relates to an application for an order declaring that a draft will prepared by Public Trust prior to Olive Piper’s death is her last will and testament pursuant to s 14 of the Wills Act 2007. The legislative basis is set out at [2] and [18] as follows: [2] … Continue reading
Can an attorney under and enduring power of attorney (EPOA) exercise settlor powers? The starting point is the terms of the trust instrument. The law prior to the Trusts Act was clear that an attorney under an enduring power of attorney (EPOA) could not exercise powers of appointment. The Trusts Act now permits this in … Continue reading
Connolly v Eckhout traverses the application of the little known Imprisonment for Debt Limitation Act 1908 to a person acting in a fiduciary capacity. By way of background: … Ms Eckhout did not pay the judgment sum. The High Court has limited powers to issue an arrest order where requirements that are largely drawn from … Continue reading
Cooper v Pinney is a second appeal and cross-appeal, by leave, from a decision of the Family Court that ascertained relationship and separate property following a relationship break down. At the heart of the matter was the treatment of a discretionary trust settled during the relationship to receive property by way of resettlement from a … Continue reading
Estate of RB Walton helpfully sets out the procedure where an executor fails to obtain probate, but will not renounce or provide the original will. The relevant considerations are set out at [8] to [11] as follows: The end result in Estate of RB Walton was the appointment of an independent administrator, this being required … Continue reading
As noted in Re Estate of Glue section 136 of the Trusts Act 2019 provides a “broader, more flexible” determination of ‘reasonable measures’, compared to what has been described as the repealed Trustee Act’s “long and impenetrable provision.” This has been achieved by codifying a common law jurisdiction that gives the Court broad powers to … Continue reading
Matters of Trust 