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Marriage break ups are messy. You don’t usually need to scratch much below the surface to find that out. Who said what unbelievable thing. Who did what unbelievable thing. Who slept with a party outside of the union. We’ve all seen it / read about it (maybe talked a bit more about it than we … Continue reading
The case of Dever v Knobloch is not especially new. However, it is surprising how many times I have looked back to refer to it. The facts of the case are not particularly interesting – essentially no more than another family dispute where the existence of a discretionary trust does not forestall expectations of equal … Continue reading
When vendor and purchaser are associated companies the amount of secondhand goods credit that can be claimed is limited to the lesser of the: GST included in the original cost of the goods to the supplier [GST] tax fraction of the purchase price, and tax fraction of the open market value of the supply. The tests of … Continue reading
Retiring trustees are commonly indemnified by the continuing trustees for costs that might arise in the future relating to the trusteeship. An example where resort might be made to such an indmenity is when a retired trustee is later named in proceedings relating to the time of the trustee’s tenure. Where the indemnity is from the continuing trustees the indemnity … Continue reading
A freezing order is not a solution to a problem, but rather acts in the nature of ensuring assets cannot be disposed of so that a future judgment might be of no value. Given the propensity of New Zealanders to have assets held in trusts, it is perhaps refreshing to be able to discuss a … Continue reading
The Court of Appeal has upheld the High Court decision in Glover No 2 Limited v Glover Trust Limitd et ors that a deed of bare trust that was entered into only to avoid a tax liability was a valid document and did not represent a sham. The deed of bare trust was entered into to … Continue reading
It is not uncommon for discretionary trusts to varied with the assistance of the court, which is provided for in the Trustee Act 1956 (s 64, 64A). However, the recent decision in the Matter of the Estates of Earl and Beverley Stick highlights the fact that s 64A can also be used to vary will trusts … Continue reading
Acting as a trustee is a tricky business that requires the juggling of a lot of balls. Trustees looking for some digestible reliable information might like to familiarise themselves with this e-book (see my interview at p. 43 – Managing Beneficiairies and Their Expectations). See http://trusteesupport.co.nz/10-minute-trustee-success/
Vicki Ammundsen is presenting a webinar on powers of the court on Wednesday 4th December at 10.30. The subject, which may seem horridly dry, is far more interesting and far more practical than might be thought. As more and more trustees find themselves deadlocked or otherwise unable to act, and as increasing numbers of beneficiaries … Continue reading
It is conceded that liberties have been taken with the heading due to space limitations. The point, that cannot be emphasised too much, is that at the most basic level trusts exist to hold, manage and protect, property, for the benefit of the beneficiairies. Not the trustees. A trustee’s liability between the trustee and the … Continue reading
Matters of Trust 