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References to executors and trustees are routinely combined and treated as synonymous with each other. But are they? Actually they are not. While the distinction is often unimportant, in certain circumstances it is critical. The executor’s duties include obtaining a grant of probate, getting in all of the assets, paying outstanding (and future) debts including … 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
Much is written about breach of trust, and the liability that can flow. However, a sensible question, might be, is a breach of trust always fatal? Can trustees have a go at getting it right? As it happens, yes, in some circumstances. as is demonstrated in Masters v Stewart they can. In that case, a capital distribution … Continue reading
There are a large number of charitable trusts in New Zealand. The reason for this is not well understood: see How Charitable is New Zealand for some insight. One of the issues that arises, perhaps more in New Zealand than elsewhere, due to the number of charitable trusts, is that the trustees are not always … Continue reading
Claims against trusts are on the increase the reasons for which are various and relate, in part to the number of trusts in existence in New Zealand and in part to a growing appreciation and awareness as to what options a disgruntled beneficiary, settlor, trustee or creditor might have. One area that has produced much … Continue reading
The general rule is that costs follow the event, with the loser paying the winner’s costs, in whole or in part. However, the rules are less clear cut with trust-related litigation and costs remain at the court’s discretion. Accordingly, beneficiaries are often in a somewhat invidious position. Despite the accepted rights of beneficiaries, access to … Continue reading
Blended families pose numerous challenges. On the death of a parent balancing the needs of that parent’s children and a surviving step-parent can be challenging. Add a trust and some last-minute asset and estate planning into the mix and the potential for conflict increases. Consider the position of the children who believe themselves to be … Continue reading
Vicki Ammundsen is presenting a webinar on Beneficiary Rights on 20 August 2014 at 10.30am. This webinar will provide an in-depth study of the often over-looked trust subject of beneficiaries and their rights. This webinar, which will conclude with a question and answer section, will utilise a case study to highlight beneficiary’s rights and how these … Continue reading
Trustees do not always get on as well as is necessary to do the job of being a trustee. Friction in the trustee relationship can arise for many reasons, often, but not always, the friction relates to the break down of a family relationship. When trustees cannot get on the issue to be determined is … Continue reading
It is relatively well understood that it is not possible to record that the legal title to a privately owned property is held on trust: Land Transfer Act, s 128. However, a lesser known “no survivorship” notation can in fact be used to indicate that the land is owned on trust: Land Transfer Act s 131 … Continue reading
Matters of Trust 