Two recent decisions regarding directions in the context of charitable trusts provide some useful guidance regarding the parameters of s 66 of the Trustee Act 1956. In line with the title to this blog – the conclusion reached is that it is permissible to ask for directions if lost, but not in circumstances where you … Continue reading
As noted in the judgment McLaren v McLaren at [1] this case relates to “… a sorry tale of what can occur when a family adopts an inappropriate form of trust deed without adequate advice or sufficient understanding of the legal effect of its terms. In this case, a son who was given a power … Continue reading
One of the stated purposes behind the proposed new Trusts Act (currently in the form of a draft bill) is to make trust law clearer and more accessible. Laudable, but is it realistic? The naysayers need not go much further than the decision in NZ Natural Therapy Limited (in Liquidation) v Little. A little bit of background … Continue reading
This blog, which might just as easily be entitled “Flat earth Society members need not apply”, considers the charitable status of cryogenics research. “[1] The possibility of life after death is, perhaps, one of humanity’s oldest preoccupations. Resurrection is at the heart of Christian ideology. And from Mary Shelley’s Frankenstein, HG Welles’ When the Sleeper … Continue reading
The taxation of trusts is a dynamic and ever-changing landscape. The third edition of Taxation of Trusts published this week (September 2016) has been up-dated to incorporate recent case law developments and legislative amendments. The text also considers the application of FATCA to trusts and proposed new reforms to the disclosure rules and closely … Continue reading
A bare trust arises where property is held by a person (the trustee) only for the purposes to hold until transferred in accordance with the beneficiary’s directions. Bare trusts can be a commercial convenience, but can also effect a remedy in circumstances when property might otherwise be lost due to the fungible nature of the … 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
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
The long-awaited decision (issued in fact as two separate decisions) in Clayton v Clayton were released today (23 March 2016). The first decision relates to the Vaughan Road Property Trust (VRPT) and the second to the Claymark Trust. Background Mr and Mrs Clayton commenced a de facto relationship in 1986 and married in 1989. They … Continue reading
Professor Frances Moran has been attributed with lecturing her mainly male equity students at King’s Inns that “There are three roads to ruin in life, wine, women and becoming a trustee. The first two are at least enjoyable.” Not wishing to enter into a debate of the relative strengths of either sex to mislead and … Continue reading
