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New Zealand has an extraordinary number of family trusts. This love affair with trusts, perhaps not surprisingly, is not limited to family trusts and is mirrored in the number of charitable trusts. One issue with the number of charitable trusts is the fragmentation of potential resources and how these can be diminished through administration, legal … Continue reading
The common intention constructive trust is a rare beast. Its remedial potential had a brief moment of sun until the Court of Appeal delivered its decision in Harvey v Beveridge. The facts of Harvey v Beveridge can be summarised as follows: Mr Beveridge was befriended by Dr Byrd who provided him with a home in a … Continue reading
The Government had confirmed its support for a new Trusts Act to replace the current Trustee Act 1956. However, don’t expect anything to happen fast. The Law Commission has made 51 recommendations and so far the Government has only endorsed one, which is the recommendation for a new Trusts Act. The remaining 50 are still … Continue reading
The common intention constructive trust is the hot and hip new remedy in the arsenal of the savvy trust lawyer. So perhaps it is not surprising that when A lister Sally Ridge fell out with her equally sociable partner that such a claim might be made. The genesis of the claim derived from some restructuring … Continue reading
It is easy to think of trusts as magical places to hide things. However, the fortress that the trust may appear can be somewhat less so when assets are being transferred to a trust to avoid creditors getting their hands on them. Dispositions, whether gifts or sales for inadequate value, made to defeat creditors can be … Continue reading
It is relatively well understood that it is not possible to record that the legal title to a privately owned property is held on trust: Land Transfer Act, s 128. However, a lesser known “no survivorship” notation can in fact be used to indicate that the land is owned on trust: Land Transfer Act s 131 … Continue reading
Trusts, like relationships, are often settled when the future seems rosy and the possibilities are endless. When the relationship dream comes to an end, all too often so does the dreams the settlors had regarding the trust and the trust property. The difficulty where parties cannot make their own decisions, as painful as they may … Continue reading
Trusts are the best long-term intergenerational form of asset protection. However, as litigation involving trusts increases, questions are reasonably asked regarding the “safety” of trusts. If you are looing for answers or guidance Vicki Ammundsen is presenting a webinar on February 19th discussing the fundamentals of trusts. Topics covered by the webinar include: Requirements of a valid trust Differentiation between … Continue reading
Designing a kitchen takes time and effort. And about a billion magzines. You finally get it nutted down. Kitchen professional is chosen, design finalised, deposit paid. At this point thoughts of trusts are as far from your mind as possible, your mind being full of composite vs granite. Will marble really stain that badly (ah … Continue reading
All good things must come to an end. This is certainly true of trusts, whether good or not. However, sometimes it just isn’t a good time for a trust’s assets to vest. The reason for this are many and varied. Often they involve tax. For example if the trust’s assets comprise an immature forest and the trust … Continue reading
Matters of Trust 