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While recent headlines might lead one to belive that trusts are falling down in the face of relationship failures, closer inspection would suggest that in fact this is not commonly the case. There appears to be a significant distinction between trusts where both spouses or partners are settlor/trustees and cases where only one spouse or partner … Continue reading
Dealing with trust owned assets following the demise of the settlors’ relationship can be tricky. Many of the traps and pitfalls that can befall trustees who have diffficulties differentiating between the rights as beneficiaries and the obligations they owe as trustees are highlighted in the cases that comprise the back story to Irvine and Taylor … Continue reading
When assets are transferred to a trust by a settlor the transfer is generally by way of gift or sale. Where assets are sold there is a gift back that can be forgiven immediately, progressively or at some future date, if at all. Prior to the abolition of gift duty gifting programs were common and … Continue reading
References to executors and trustees are routinely combined and treated as synonymous with each other. But are they? Actually they are not. While the distinction is often unimportant, in certain circumstances it is critical. The executor’s duties include obtaining a grant of probate, getting in all of the assets, paying outstanding (and future) debts including … Continue reading
The long awaited Court of Appeal decision on the subject of illusory trusts should make unsettling reading for many a settlor, and perhaps their advisers too. The decision, which runs to 96 pages is substantial. The message is mixed. While the trust in question was found to be valid (illusion it turns out, is just … Continue reading
I talk a lot about all the things that go horridly wrong for trustees and all the mistakes they make and how they can do better, try harder. But the difficulty for many trustees is that even if they know they are not doing a great job, they don’t actually know how to pick up … Continue reading
The early signs of dementia can be subtle. Although dementia can occur at any age, it is far more common amongst the older demographic. Accordingly, while lawyers and accountants, and trustees generally are rarely mental health experts, it is important to say alive to the early signs of dementia so that risks can be identified … Continue reading
The relationship between trusts and relationship property agreements requires careful attention. Whether or not trustees can or should be party to a relationship property agreement is one of many important considerations. Another consideration is how debts owing by trustees should be treated for relationship property purposes. Importantly, if there is no relationship property agreement (and assets are … Continue reading
Powers of attorney and deeds of delegation can be useful, especially where a trustee may be absent from New Zealand for periods of time. However, the extent to which trustees can rely on decisions made where one trustee has acted in a personal capacity and under a power of attorney require consideration. Consider the facts in … Continue reading
Vicki Ammundsen is presenting a series of trust webinars for CCH Learning this year. The first webinar in this popular series is Trust Fundamentals. This webinar, which covers the fundamentals of settling and administering trusts, starts at 10.30am on 18 February 2015. Topics covered will include: Requirements of a valid trust Drafting traps and considerations How much power can/should be reserved to the … Continue reading
Matters of Trust 