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Beneficiaries

This category contains 79 posts

And

The H J Bourke Family Trust (the Trust) vested in May 2019. The question for the Court was whether the following clause include the grandchildren with the children on a final distribution. “AFTER the expiration of the settlement period to stand possessed of the trust fund (including the said accumulations if any) being so much … Continue reading

Disputatious, unreasonable and uncooperative

MacIntosh v Thomas relates to the administration of an estate where there has been considerable disharmony between the beneficiaries and the trustees in circumstances where the court has acknowledged that the trustees have displayed “displayed considerable patience, forbearance and professionalism in dealing with the behaviour of the [beneficiaries] …” The decision is largely fact-specific.  However, usefully … Continue reading

Bye bye beneficiary?

Given the new presumption in the Trusts Act 2019 that, with effect from 30 January 2021, trustees will give basic trust information to every beneficiary, it can be presumed that many trustees will be looking to cull trust beneficiaries to ensure trusts comply with the settlor or settlors’ intentions, whether or not these are expressed … Continue reading

What the hell does this mean?

As the Trusts Act 2019 coming into full force and effect in 2021 gets closer, many reviews of trusts deeds are being carried out to determine what a presumption to notify each beneficiary of basic trust information will look like.   While for many trusts the issue is a wide class of beneficiaries, for others the … Continue reading

A fishing we shall go?

Kirby v Kirby is an application for tailored discovery in the context of a Family Protection Act claim in circumstances where the deceased left the residue of his estate after payment of expenses to a trust, the Jubilee Trust (the Trust).  The application, which was made by one of the deceased’s two children is defended by … Continue reading

Cost of failure

The proceedings in Bone v Tuck relate to an application for the removal of Mr Tuck as a trustee of the Tuck Family Trust (the Trust).  The background can be explained as follows: [3] Ms Bone alleged that Mr Tuck had not acted appropriately as a trustee and ought to be removed. [4] Mr Tuck … Continue reading

Equitable lien: support for a caveat

The background of this matter is set out at [1], [2], [3] and [4] of the High Court judgment as follows: [1] The plaintiff, Camray Farms Ltd (Camray), and the second defendant, the Gordon Moore Trust (GMT), each claim priority to the proceeds of sale of properties in Ohaupo known as the Neighbouring Property and … Continue reading

Beneficiaries tracing misappropriated funds

  Thomas Young sued (as a trustee and as a beneficiary) the widow of the former trustee John Hunt allegeing the theft of $146,175 from the Twiss Family Grandchildren’s Trust. The background is set out as follows at [3] to [6]: “[3] The Trust was settled on 1 April 1991. The settlor was Mr David … Continue reading

Who pays the piper?

Under New Zealand’s tax rules, rental income from land belongs to the owner of the land and it is the owner who must declare the income to Inland  Revenue.   Where the property is owned by a trustee or trustees, this obligation falls on the trustees because, as a general proposition, where a property is held … Continue reading

Balance of convenience is best interest of beneficiaries

  The proceedings in McLaughlin v McLaughlin relate to a dispute between the beneficiaries and trustees of the Ashley Trust (the Trust) and whether there should be an interim injunction to prevent the trustees from proceeding with the next stage of a development of trust property. By way of background see A little light on Beddoe … Continue reading

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