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Sometimes, an estate will be known to be insolvent from when the individual dies. If the deceased was already declared prior to death, the Official Assignee (OA) carries on as normal. But what happens if it becomes apparent sometime after death that the estate is insolvent and how does this affect the executor/trustees? This issue … Continue reading
The Epidemic Preparedness (Wills Act 2007—Signing and Witnessing of Wills) Immediate Modification Order 2020 (the Order), is a temporary order that was made under the Epidemic Preparedness Act 2006. The Order came into force on 17 April 2020 and will be revoked when the Epidemic Preparedness (COVID-19) Notice 2020 expires or is revoked. The … Continue reading
Re Eliza White Board of Management considers the practical aspects of laying a scheme before the Court when a charitable trust’s purposes become “no longer possible, practicable or expedient.” While fact specific the case provides useful guidance as to the matters to traverse in such applications. Also see In the Matter of the Sefton Public … Continue reading
The Law Commission has announced the terms of reference for a review of succession law. The law of succession is the system of rules that governs who gets a person’s property when that person dies . The Law Commission will review this law and report to the Minister with recommendations by the end of 2021. … Continue reading
The Government has released its response to the Law Commission report, Review of the Property (Relationships) Act 1976 Te Arotake i te Property (Relationships) Act 1976, which was presented to Parliament on 23 July 2019. The report has recommended that the rules applying to relationships ending on death be examined within the context of a broader review of … Continue reading
Trust law is evolving at an increasing pace as it responds to case law developments, societal and legislative challenges. Beneficiaries are more aware of their rights. Trustees of discretionary trusts have wide powers, but an increasingly wide range of considerations take into account before these should be exercised. The Trusts Act 2019 will not be … Continue reading
Trusts are regularly wound up. However, in the absence of formal guidelines, the steps required are not always clear. Vicki Ammundsen is presenting a webinar on winding up trusts that will highlight matters to take into consideration to ensure that the trustees adopt a suitable decision making process, that any risks to trustees are identified … Continue reading
Disclosure is a live matter in the context of discretionary trusts during the transition from the current position (at the discretion of the trustee with no presumption for or against) to what the position will be when the Trusts Act 2019 applies from 30 January 2021. Addleman v Lambie Trustee Limited (see Disclosure request declined … Continue reading
The decisions in Reid v Castleton-Reid and Tian v Zhang highlight the importance of recording not only transactions, but also the parties’ expectations. Reid v Castleton-Reid relates to the correct characterisation of a $1.7m trading account. Tian v Zhang relates to whether sums advanced represented a dowry or were held on resulting trust. In both cases the judgment … Continue reading
The rules that tax certain sales of land include exclusions relating to a person’s main home. These exclusions are not meant to apply where the taxpayer has a “regular pattern” of buying and selling land used as a main home, residence or business premises. A tax policy consultation document, Habitual buying and selling of land, released … Continue reading
Matters of Trust 