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“It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness, it was the epoch of belief, it was the epoch of incredulity, …” Thus commenced Charles Dickens’ novel A Tale of Two Cities, and similarly the mindset of any settlor of … Continue reading
Trusts are regularly wound up. However, in the absence of formal guidelines, the steps required are not always clear. Vicki Ammundsen is presenting a webinar on winding up trusts that will highlight matters to take into consideration to ensure that the trustees adopt a suitable decision making process, that any risks to trustees are identified … Continue reading
Thomas Young sued (as a trustee and as a beneficiary) the widow of the former trustee John Hunt allegeing the theft of $146,175 from the Twiss Family Grandchildren’s Trust. The background is set out as follows at [3] to [6]: “[3] The Trust was settled on 1 April 1991. The settlor was Mr David … Continue reading
Under New Zealand’s tax rules, rental income from land belongs to the owner of the land and it is the owner who must declare the income to Inland Revenue. Where the property is owned by a trustee or trustees, this obligation falls on the trustees because, as a general proposition, where a property is held … Continue reading
The proceedings in McLaughlin v McLaughlin relate to a dispute between the beneficiaries and trustees of the Ashley Trust (the Trust) and whether there should be an interim injunction to prevent the trustees from proceeding with the next stage of a development of trust property. By way of background see A little light on Beddoe … Continue reading
The way many New Zealanders manage their assets is set to change dramatically. Reforms to the laws governing trusts in New Zealand, due to come into force on 30 January 2021, are expected to trigger a massive reduction in the number of trusts. The Ministry of Justice estimates there are currently between 300,000 and 500,000 … Continue reading
In 2017 MezhProm Bank v Pugachev (see The Curious Story of the Angora Cat) heralded the possibility of a whole new sham genre of true effects as the new trust illusion. Fast forward to 2019, and where has this taken us? Perhaps surprisingly, not very far at all. MezhProm Bank v Pugachev was soon followed by the … Continue reading
Disclosure is a live matter in the context of discretionary trusts during the transition from the current position (at the discretion of the trustee with no presumption for or against) to what the position will be when the Trusts Act 2019 applies from 30 January 2021. Addleman v Lambie Trustee Limited (see Disclosure request declined … Continue reading
The background to Kusabs v Staite, which relates to the rectification of a lease, is complex and fact specific and highlights the need for parties to written documents to ensure an accurate record of the agreement that is being recorded. Relevant considerations from the Court of Appeal include: the standard of proof for rectification is … Continue reading
Santeater Limited v Wakelin highlights issues that can arise with the use of corporate trustees when the persons with the power to appoint and remove trustees are not able to work together. In this case the are two corporate trustees appointed to the Black Dog Trust (the Trust), one appointed by each settlor. One of the … Continue reading
Matters of Trust 