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The Trusts Bill was introduced to Parliament on 1 August 2017. The Bill follows the same format as the earlier draft but differs in a number of parts. The Trusts Bill comprises 168 sections and 5 schedules. The policy objectives of the Bill include the objective of providing “clear, simple, and accessible trust law”. The … Continue reading
The bare facts of Chang v Lee can be summarised as follows: Ms Lee purchases a property in Sunnynook Mr Chang (Ms Lee’s uncle) advances Ms Lee $275,000 of the $566,000 purchase price The advance was not a gift The terms of the loan advance were incomplete Mr Chang made the advance to Ms Lee on the … Continue reading
The Supreme Court decision in Clayton v Clayton changed the trust landscape. But how afraid should we be? Are all trusts vulnerable to Clayton-style challenge? Or just the ones that push the envelope? And, if the latter, how far can one push before there is a problem? A recent decision of Moore J has provided … Continue reading
As the 30 June 2017 deadline passed for the registration of foreign trusts with Inland Revenue under recent legislation following recommendations made by the Shewan Report, the unsurprising fact that fewer than 3000 of the more than 11,750 foreign trusts have formally registered has been seized on by politicians (and anyone else wanting to vent … Continue reading
The High Court decision in Broadbent v Ministry of Social Development, which is essentially a test case, considers whether income derived from gifted assets (sometimes referred to as notional income) can be taken into consideration for income assessment purposes. The general purpose of the Social Security Act 1964, which includes provisions relating to a wide range … Continue reading
Accordingly to Wikipedia the idiom, “The devil is in the detail” refers to a catch or mysterious element hidden in the details, meaning that something might seem simple at a first look but will take more time and effort to complete than expected and derives from the earlier phrase, “God is in the detail” expressing … Continue reading
The Government has advised that new legislation will shortly be introduced to remove the Crown guarantee of the Public Trust. The reasoning given is that this is in line with government policy for the last several decades that Crown-owned commercial businesses should not have a competitive advantage through being Crown-owned. Public Trust currently has an AA credit … Continue reading
The use of corporate trustees is a common response to trustee liability. However, where one of two natural person trustees retires and a corporate trustee is appointed, it is important to consider whether the retiring trustee has been discharged. See ss 43, 45 and 46 of the Trustee Act 1956, which provide: Relevant Legislation 43 Power … Continue reading
Worried about all the ways your decision to accept appointment as a trustee will come back and bite you? CCH Learning – Trustee Series 2017 Webinar Trustee Liability might be just the thing that you need to help you sleep at night.
When a trustee retires, it is necessary to transfer the trust’s assets from the trustees (including the retiring trustee) to the continuing and any new trustee. Where a trustee is removed in contentious circumstances the trustee may be unwilling to assist in the transfer of trust property. Sometimes with good reason – for example where … Continue reading
Matters of Trust 