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The law of what is and, what is not, charitable can be a complex matter where the devil is very much in the detail. It can be important to be able to evidence that the charity says what it does and does what it says. When considering applications for registration as a charity the Charities … Continue reading
Rules called the associated person rules apply to tax certain capital gains derived from land due to associations between builders, property developers and dealers. These rules were strengthened with general effect from the start of the 2010/11 income year. However, an unintended consequence of the amendments to the associated person rules is that the rules can … Continue reading
A fundamental principle of trust law is a trustee’s duty to act in the best interests of the beneficiaries. Equally recognised is a beneficiary’s right to trust information so that the beneficiary has the means to enforce the beneficiary’s rights. However, what a beneficiary of a discretionary trust does not have, is a right to be notified … Continue reading
Testamentary trusts are the most common form of trust in existence. A new pages has been added to this blog to consider and comment on issues and matters peculiar to wills and testatmentary trusts. See Wills and testamentary trusts
This blog could be sub-titled “It’s a little late once the horse has bolted …” As beneficiaries become increasingly aware of their rights, the question that some will ask from time to time is, “what can I do if I think that the trustees aren’t acting in my best interests, but there is no clear … Continue reading
In Bank of New Zealand v Rowley and Skinner [2012] NZHC 2835 the High Court determined that it could have the jurisdiction to liquidate a trust. See Liquidation of trusts – more clever ways to winkle assets from trusts for the background facts. The matter has now been reconsidered, following service of the judgment referred to … Continue reading
It is a fundamental proposition of trust law that a valid trust requires that the settlor has a clear intention to create a trust. However, regardless of how clear those intentions or the terms of the trust are, a trust can later be varied even if in defiance of the settlor’s stated intentions. Where a … Continue reading
Delegation is only permissbile between trustees in limited circumstances. These circmstances can be proscribed by the deed of trust or the Trustee Act. When dealing with trustees, unless all trustees are party to any decision or contract it is extremely important for any contracting party to establish whether the trustee being dealt with has the … Continue reading
Retirement and appointment of trustees is a routine occurance over the life of the trust. On the appointment or retirement the trustee the trust property must be conveyed to the continuing and / or new trustees. However, in a staggeringly high number of instances this need to convey the trust property is overlooked and does … Continue reading
The Matters of Trust report on Rea and Sargison v Russell has been updated to note the liquidators’ succesful appeal. See Rea and Sargison v Russell – trustee liability in the context of voidable transactions.
