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With effect from 1 July 2025: The threshold increases reflect the percentage upward movement in the index number of theNew Zealand Consumers Price Index (All Groups) for the year ending on 31 March 2025 (approximately 2.53%). References
Re The Trustee Company, EF and GH is an anonymised decision of the High Court improving a variation to extend the vesting date for two trusts that will otherwise vest this year. The variation sought will also modernise the terms of the two trusts. As set out at [11] “… AB and CD have spent … Continue reading
In a majority decision (Winkelmann CJ dissenting) the Supreme Court has dismissed the appeal in Legler v Formannoij. For the background to this matter see The proper corporate trustee. The key issue for decision is set out at as follows at [5] the Supreme Court decision: “It is also common ground that whether Marina’s purpose … Continue reading
Robson v Robson helpfully outlines the process to follow when an executor has neglected to prove a will. In this case the named executor did not apply for probate, or renounce. No reasons were given. The substitute executor’s solicitors wrote to the executor when more than six months had elapsed inviting the named executor to … Continue reading
Unless the terms of a trust provide otherwise trustees act gratuitously. See section 37 of the Trusts Act 2019. Importantly, where the terms of a trust do not provide for payment to trustees, the Court can order payment of remuneration pursuant to section pursuant to section 139 of the Trusts Act, which provides as follows: … Continue reading
In Hita v Hita[1] the deceased left his entire estate to one of his children. The background of matters is set out at [1] and [2] of Anderson J’s decision as follows: A secret trust is an arrangement between a will-maker and a trustee that is effective on death.[2] As noted by Anderson J at … Continue reading
McKean Family Trustee Limited v McKean (No 2) relates to an interlocutory judgment regarding whether the Trustee’s costs to defend removal proceedings and for proceedings seeking amongst other things a direction for the sale of a trust owned farm should be met from the Torwood Family Trust (the Trust). The background is set out at … Continue reading
Re Estate of Olive Ruby Piper relates to an application for an order declaring that a draft will prepared by Public Trust prior to Olive Piper’s death is her last will and testament pursuant to s 14 of the Wills Act 2007. The legislative basis is set out at [2] and [18] as follows: [2] … Continue reading
Can an attorney under and enduring power of attorney (EPOA) exercise settlor powers? The starting point is the terms of the trust instrument. The law prior to the Trusts Act was clear that an attorney under an enduring power of attorney (EPOA) could not exercise powers of appointment. The Trusts Act now permits this in … Continue reading
The original purpose of the self-dealing rule, which dates from at least 1725 was to enable a beneficiary of a trust to avoid any transaction involving a trustee’s purchase of trust property. The rule is rooted in a fiduciary’s duty of loyalty to his or her principal and is intended to apply “whenever a fiduciary … Continue reading
Matters of Trust 