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Trusts can be many things. Well run trusts can provide long-term inter-generational asset protection. When the pie does not get split on the death of each generation, there can be greater potential for wealth generation. Trusts are also generally very private. Trust ownership is not noted on land titles or in the Companies Office. But will this … Continue reading
In the Matter of the Piedmont Trust and the Riviera Trust powers of appointment and who can exercise them are an important aspect of both the management of a trust, and the very terms on which a trust is settled. It is now generally agreed that whether the powers are held by a trustee or a … Continue reading
Principles are important. But who should fund them? When acting as a trustee, it is generally accepted that the trustee will be reimbursed by the trust for any costs incurred. However, it is important to appreciate that this principle has a caveat – the costs must be reasonably incurred. New Zealand Māori Council v Foulkes … Continue reading
Trusts and marriage break ups are a tricky thing to manage – like trying to mix oil and water more often than not. Some trustees can put personal differences aside and get on with it, most, it appears, can’t. Often the pragmatic (and ultimately cost effective as it breaks deadlocks) solution is the removal of … Continue reading
SWL Trustee Company Limited (SWL) is a trustee that acts together with two other trustees as trustees of a family trust. As is commonly the case, two of the trustees (the instructing trustees) are also settlors of the trust. The trust owns a number of properties. All is fine, until it is not. The trust owns a number of properties. … 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
Buying the family farm can seem a rite of passage. However, given the value of most farms inter-generational assistance can be required so that this can happen. Commonly, this assistance can take the form of an on-demand loan. While not stated, the practical reality is that if the children stay in Mum and Dad’s favour, no demand … Continue reading
When a trustee relationship breaks down, if one of the trustees holds the power of appointment, it is important that that trustee does not rely on this power to presume future control. Consider the case of Nysse v Nysse. Mr and Mrs Nysse were co-trustees of a trust settled by Mr Nysse. The trust’s assets … Continue reading
Matters of Trust 