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Re the estate of Ian Douglas Dobson relates to an application for probate in solemn form necessitated due to questions arising as the will-maker’s testamentary capacity. The relevant time-line is: As noted at [14]: Regardless, the weight given to this assessment was balanced against the evidence given regarding the circumstances surrounding the execution of Mr … Continue reading
Although not common, in some circumstances an inheritance paid to a New Zealand resident can be taxable as a distribution from a foreign trust. In PUB00494 Income tax – Whether money or property received by New Zealand tax residents from overseas is income from a foreign trust, Inland Revenue considers the income tax treatment of … Continue reading
Hooper v Thackwell came before the court by way of a formal proof hearing with respect to a claim brought by her daughter Karen. The background facts are not complex, but raise some complex questions, in particular whether a lawyer could ever rely on a waiver to act on both sides of a transaction that … Continue reading
Booth and Magniness v Rahal relates to a successful application for the appointment of a receiver to the First Trust (the Trust). The Trust’s original trustee was First Trust Limited (the Company). The background is set out by Gault J at [3] to [9] as follows: [3] On 28 April 2017, the Company was incorporated. … Continue reading
Grbavac v Vujcich relates to an application to recall probate on the basis that the deceased lacked testamentary capacity when he executed a codicil to a 2004 will in 2013. At the time of his death Joseph Grbavac’s estate was valued in excess of $10 million. The 2013 codicil reduced the number of executors, changed … Continue reading
Inland Revenue has releaed a post-implementation review of the increased disclosure requirements that were introduced in December 2020 with application from the 2021–22 and later income years. See Trust disclosures post-implementation review Inland Revenue’s post-implementation recomendation is to retain the disclosure regime with changes to: The report is accompanied by the 2023 trust disclosure data and … Continue reading
Re The Trustee Company, EF and GH is an anonymised decision of the High Court improving a variation to extend the vesting date for two trusts that will otherwise vest this year. The variation sought will also modernise the terms of the two trusts. As set out at [11] “… AB and CD have spent … Continue reading
Scott v Chamley relates to an application for the removal of trustees and the appointment of replacement trustees. In this case it was not disputed that the former trustees should be removed and replaced. The question for the Court related to the new trustee or trustees to be appointed. The key points can be summarised … Continue reading
The Tawhiri Trust Board relates to an application by the trust board of a charitable trust for permission to sell trust property to another charitable trust that is better placed to maintain the trust property, which is a classic yacht. By way of background as noted at [3] to [8]: The purposes of the HWB … Continue reading
In Naaman v Jaken Properties Australia Pty Limited, the High Court of Australia considers “whether a successor trustee owes a fiduciary obligation to a former trustee in respect of the former trustee’s entitlement to indemnification out of trust assets or the commensurate beneficial interest in the trust assets that the former trustee retains following replacement … Continue reading
Matters of Trust 