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While recent headlines might lead one to belive that trusts are falling down in the face of relationship failures, closer inspection would suggest that in fact this is not commonly the case. There appears to be a significant distinction between trusts where both spouses or partners are settlor/trustees and cases where only one spouse or partner … Continue reading
The long awaited Court of Appeal decision on the subject of illusory trusts should make unsettling reading for many a settlor, and perhaps their advisers too. The decision, which runs to 96 pages is substantial. The message is mixed. While the trust in question was found to be valid (illusion it turns out, is just … Continue reading
The early signs of dementia can be subtle. Although dementia can occur at any age, it is far more common amongst the older demographic. Accordingly, while lawyers and accountants, and trustees generally are rarely mental health experts, it is important to say alive to the early signs of dementia so that risks can be identified … Continue reading
Some cases will never settle. Stokes v Insight Legal is one of them. In this most recent trip to the High Court the defendants (Insight Legal et al) have sought leave to appeal the High Court decision Stokes v Insight Legal [2014] NZHC 2475. This decision was largely procedural and related to matters that had … Continue reading
Trusts involve a lot of just that, trust. Once settled, the settlor has limited, if any, real control. This is difficult for many settlors to deal with due to misunderstandings and misinformation regarding how trusts work. By way of illustration – the earliest trusts, called a use, can be dated back to medieval England. At … Continue reading
A trust is settled. The settlors are trustees together with an independent trustee. The settlors’ marriage breaks down and they are no longer able to exercise their trustee powers. Everyone is busy attempting to remove and replace trustees to wrest control of the trust. Inevitably the matter comes before the court. What is the court to … Continue reading
Sometimes settlors of trusts change their mind. Generally it is too late at the point this happens, the deed is literally done. Assets have been transferred, debts forgiven and new relationships and obligations have come into existence. However, what is the position where property is sold to a trust with a debt back, there is an … Continue reading
Settling a trust together seems to be the obvious next step for so many couples. Once upon a time it was monogrammed towels. Now it’s seeing your name on a trust deed. But when the going gets tough the reality is, dividing linen is much easier than dealing with a trust. One of the reasons … Continue reading
Trusts are the best long-term intergenerational form of asset protection. However, as litigation involving trusts increases, questions are reasonably asked regarding the “safety” of trusts. If you are looing for answers or guidance Vicki Ammundsen is presenting a webinar on February 19th discussing the fundamentals of trusts. Topics covered by the webinar include: Requirements of a valid trust Differentiation between … Continue reading
It may seem somewhat trite law that once a trust is settled, the settor loses the right, by virtue of having made that settlement, to control the trustees. To put this another way, just because you are the source of the trust’s assets, you cannot determine how these assets are utilised. This fundamental proposition of trust … Continue reading
Matters of Trust 