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Mr White established the Rex White Family Trust (the Trust) in 1992 to hold an inheritance he received from his mother. The trustees of the Trust were Mr Davis and the solicitor who prepared the trust deed, Mr McNiece (together the Trustees). Mr White’s wife was not aware of the trust at the time, although she had … Continue reading
The decision in Judd v Hawkes Bay Trustee Company Limited (see Another tributary in the trickle of constructive trust cases) has been upheld on appeal. By way of background Richard Hodgkinson and Michelle Judd were married for six and a half years. Over that period they lived in a property in Lane Road, Havelock North, … Continue reading
On 17 July 2016 the Sunday Star Times reported about a family at war over a mansion with an opening quote that read “Lawyers say the judiciary are increasingly overturning wills in family disputes.” The dispute ended up in the High Court, firstly regarding an application for the removal of the trustees and secondly a … Continue reading
However, as the directors and trustees are one and the same, perhaps a difficult pill to swallow nevertheless. The case of Owens v Shaw is a little hard to make sense of given that the trustees of a trading trust, also traded through a company (on behalf of the trust) on account of one supplier who … Continue reading
The Supreme court has granted leave to appeal the Court of Appeal decision in Erceg v Erceg, see A step back for beneficiaries or a nil all draw? The approved question is “Should the conclusion that disclosure not be made/required be set-aside?” References: Erceg v Erceg [2016] NZSC 69
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
When embarking on asset and estate planning, an important but often overlooked enquiry is as to how the next generation will manage the assets (and what those assets might be) and who sensibly should be in charge. Consider the case of Frickleton v Frickleton. In this case one of four sons ends up as the sole executor … Continue reading
The Court of Appeal decision in Erceg v Erceg has provided the Court of Appeal’s view of the correct approach to the disclosure of trust information to beneficiaries. Prior to this Court of Appeal decision in Erceg v Erceg it was settled law in New Zealand that beneficiaries had a rebuttable right to trust information pursuant to the … Continue reading
Family trusts can generally run for up to 80 years. That puts quite an onus on the settlor to get it right. It also means that where beneficiaries are defined by reference to children and grandchildren there can be a significant number of beneficiaries over time. Jones & Ors as Trustees v Collings & Ors there … Continue reading
Matters of Trust 