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vickiammundsen

vickiammundsen has written 501 posts for Matters of Trust

Blessing of one

PR Law Queenstown No 1 Trustees Limited (In Liquidation) relates to an urgent application by PR Law Queenstown No 1 Trustees Limited (In Liquidation) (the Company) who is one of two corporate trustees for directions under s 66 of the Trustee Act 1956 for the sale of trust owned shares to meet liabilities incurred as … Continue reading

Disclosure denied

In Jacomb v Jacomb Cooke J provides a considered assessment of disclosure in the context of a troubled and disenfranchised beneficiary. The case highlights the need for careful analysis of facts when seeking disclosure, the relevant principles, and importantly given that the Trusts Act 2019 will come into full force and effect on 30 January … Continue reading

Let the children be heard

Trusts and relationships can make for very poor bedfellows. The temptation to remove a former spouse or partner as trustee or beneficiary or to appoint or remove a professional presumed to favour one side over the other (whether or not this is the case) can be tempting. Similarly fraught can be involving children in the … Continue reading

After the horse has bolted

Moon v Lafferty is an unsuccessful claim for discovery before commencement.  The background of the claim is a family estrangement.  The applicants’ mother settled a trust during her life and gifted $300,000 to that trust from a settlement of $388,871 the deceased received from litigation between her and her daughter Jessica (one of the applicants).  … Continue reading

Thank you, no thank you

Re W relates to the scenario of which movies are made where a relative leaves considerable wealth to a single individual. In this case the prior beneficiary of the deceased’s wealth was to be his sister, W’s mother. However, after the deceased became estranged from his sister, the deceased altered his will so as to … Continue reading

Mirror, mirror on the wall

In New Zealand, mutual wills can arise: (a) by recognition of an institutional constructive trust pursuant to theequitable doctrine of mutual wills, or(b) in relation to wills signed on or after 1 November 2007 through a claim by the intended beneficiary on a promise in relation to mutual wills as provided for in s 30 … Continue reading

Are two heads better?

Advisory trustees can provide useful assistance to trustees. However, where an advisory trustee is a professional, this advice can be expected to come at a price. Oldfield v Oldfield explores the balancing of cost and utility regarding the proposed appointment of an advisory trustee. The appointment of an advisory trustee and the utility of this … Continue reading

Invalid Musings

Violet Filomena Cox (Violet) made a number of wills, the last of which was a hand anotated copy of Violet’s last will and an unsigned draft. The administators of Violet’s estate sought directions under s 66 of the Trustee Act 1956 as to how the estate should be distributed and for a declaration under s … Continue reading

Clearing the decks

Walker v Walker is one of many cases that finds itself before the courts requiring assistance with the appointment, retirement or removal of trustees as a result of trustee incapacity. However, one aspect of the case that warrants further interest is the “possibility that former trustees have technically remained trustees because they were not properly … Continue reading

And

The H J Bourke Family Trust (the Trust) vested in May 2019. The question for the Court was whether the following clause include the grandchildren with the children on a final distribution. “AFTER the expiration of the settlement period to stand possessed of the trust fund (including the said accumulations if any) being so much … Continue reading

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