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A final beneficiary has a contingent proprietary right, the value of which (if any) can only be determined on the final vesting date. While such a right can be treated as simply a right to receive trust assets on a final vesting, the status of having such a right can elevate the position of a … Continue reading
The Supreme Court has declined leave to appeal the Court of Appeal decision in Kain v Public Trust. The proposed grounds of appeal were that the Court of Appeal erred in: The Court of Appeal’s views regarding trustees being able to take subsequent memoranda of wishes into account was upheld by the Supreme Court, although … Continue reading
Family trusts can raise complex considerations and perhaps none moreso than those relating to the changing of the guard as the intergenerational control aspect of family trusts is brought to bear. A contemporary consideration of these matters has been played out on the Triezenberg v Mason chronicles. The most recent iteration is the unsuccessful appeal … Continue reading
Lendich v Codilla relates to an attempt to claim a beneficial interest in property sold at an undervalue where there was an agreed element of gift. The case also raises the question as to standing of directors and shareholders of a company that has been removed from the register of companies. The issues raised by … Continue reading
Singh v Attorney General is an application under part 5 of the Trusts Act 2019 and pursuant to the High Court rules to defend the applicants’ removal as trustees of the Sikh Sangat NZ Trust (the Trust) and for a Beddoe Order. The applicants separately seek the removal of the Trust’s founding trustee and an … Continue reading
The subject of who determines capacity is a live topic. Is it medical? Is it legal? More importantly, does it make sense? The test regarding testamentary capacity is generally well understood. The trick is to understand it. The High Court decision in Public Trust v Lawrence clearly articulates the divide between understood and understand. As … Continue reading
The Taxation (Income Tax Rate and Other Matters) Act 2020 enacted on 7 December 2020a introduced a new top personal tax rate of 39% and increased disclosure requirements fortrusts for the 2021–22 and later income years. See Reporting requirements for domestic trusts. The new disclosure rules have now been finalised and are contained in section59BA … Continue reading
The decision in Re Tauranga Energy Consumer Trust may on first blush appear esoteric and outside the mainstream. However, the decision warrants careful reading as it is one of the few cases to date to consider default duties imposed by the Trusts Act 2019 in a practical construct. The case relates to a proposed restructure … Continue reading
The Trusts Act 2019 came into full force and effect on 30 January 2021. A year later we have the benefit of court decisions regarding how the Trusts Act will be interpreted and followed in practice. Early decisions under the Trusts Act reflected, perhaps not surprisingly, applications for variation. Section 121 of the Trusts Act … Continue reading
Grammarist states that “The road to hell is paved with good intentions” means that it is not enough to simply mean to do well, one must take action to do well. A good intention is meaningless unless it is followed by a good action. It would be difficult to find a more comparable case as an example … Continue reading
Matters of Trust 