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The blog post, Is it a bird, is it a plane is it a loan? highlighted the importance of determining the nature of funds advanced to a trust. In that case it was argued that a loan advance was a gift. Another case along the same lines was ultimately resolved between the parties and it was … Continue reading
The High Court decision in Stokes v Colebrook has been overturned on the undisclosed agency point ( for background see My Trust is My Creature). Note that the parameters of the appeal have since been further defined. See Stokes, Stokes and Williams as trustees of the Stokes Family Trust v Insight Legal Trustee Company Limited … Continue reading
Section 46(4) of the Trustee Act 1956 provided that the High Court could order the appointment of the Public Trust in replacement for another trustee without requiring the Public Trust’s consent. Such a provision is necessary to ensure that no trust can fail for lack of a trustee. However, where the trustee in question is the … Continue reading
It is common for life insurance policies to be assigned to trustees. However, less common is the establishment of any sort of frame-work for reviewing these policies. Issues that spring to mind in no particular order include: does the policy represent value for money? This is particularly relevant as the insured ages and premiums increase. … Continue reading
Vicki Ammundsen is presenting a webinar introducing trust concepts on 10 May 2013 at 10.30. The one hour webinar will be followed by 1/4 hour for Q and A. Topics covered will include: The requirements of a valid trust The significance of the fact that a trust is not a legal entity Independent trustees Contracting with trusts – … Continue reading
Small blog, bigger issue. With the abolition of gift duty, many gifting programmes have ceased. However, what has not ceased is advances to trusts. Whether it’s paying the rates, the mortgage, an advance for renovations or a share purchase, the funds keep on flowing. The issue? Where an advance is made to trustees (and keep … Continue reading
As part of Budget 2013 the Government has announced extra funding for residential care subsidies over the next four years. See: http://beehive.govt.nz/release/budget-2013-70-million-extra-aged-care-and-dementia
Powers of attorney are regularly granted so that one person can act on another person’s behalf. The granting of power to an attorney can facilitate transactions and represent a practical solution in many personal and business situations. However, the granting of unfettered power can be abused. The recent decison in Lines v Pikia provides a … Continue reading
There was a little story in the Herald today. Well a little story, but some interesting numbers. The story was about former National Bank personal manager Mr Cooper who admitted 41 criminal offences that related to the theft of nearly $1milllion (a reasonably big number) and some related money laundering. The theft happened over a period … Continue reading
I enjoyed a spirited discussion tonight regarding the role of trustee and whether it is sufficient for one of a number of trustees to manage the trust and make all decisions regarding distributions provided that reports were made to the other trustee. Given the duties of management and accouting that trustees have and the obligations … Continue reading
Matters of Trust 