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Re Candida Trust provides practical guidance as to the scope of section 125 of the Trusts Act 2019 and the use of the High Court’s inherent jurisdiction to permit trustees to sign a new restated trust deed that incorporates varied terms. Background facts Waiver pursuant to section 125 of the Trusts Act As set out … Continue reading
Re Borthwick relates to an application by trustees to enter into a settlement agreement and to make the necessary variations of trust to effect the agreement. The background of the matter features a trust restructure that was challenged by a disaffected beneficiary. The application before the court calls upon the court’s supervisory capacity pursuant to section 124 … Continue reading
New Zealand Herald data journalist Keith Ng estimates that 325,000 New Zealand properties have trusts involved in their ownership structure. See In properties we trust – it’s the Kiwi way by Anne Gibson (New Zealand Herald 18 January 2020). However, what the true number is cannot be definitively determined as s 153 of the … 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
Triezenberg v Mason (As to power and appointment and costs) follows the earlier trustee removal decision. See Buyer’s remorse. By way of background the High Court removed Mr Mason and his incapacitated wife as trustees of two family trusts. A rift had occurred between the competent trustees that had resulted in significant dysfunction. No orders … Continue reading
The Property (Relationships) Act 1976 (the PRA) has primary jurisdiction over relationship property. However, when there is a trust (or trusts) in the mix, the final division of property can be complicated – and often neither side (nor the settlors or trustees who may be caught in the cross-fire) will consider the end result just … Continue reading
In the Matter of the Representation of Scarlett Investment Holdings Limited addresses an application for rectification by a de facto trustee in circumstances where the settlor of three trusts settled by declarations of trust dated 23 February 1982 had died and the original trustee, a BVI private company was believed to have been struck off from … Continue reading
In Little v Howick Trustee DL Limited a beneficiary sought a review of trustee decisions and the removal of a court appointed trustee. Perhaps surprisingly, considering the position taken in the Law Commission’s draft Trusts Bill and the Trusts Bill currently before Parliament regarding beneficiary rights, Brewer J found that a discretionary beneficiary had no standing to seek a … Continue reading
The roles of trustees and trust administrators can be a rewarding but difficult role. With the prospect of a Trusts Act in the foreseeable future (see Trusts Bill released 1 august 2017) trustees and trust administrators need to be match fit. Increased reporting obligations under CRS, AML/CFT and FATCA are another matter for consideration. For … Continue reading
The Supreme Court decision in Clayton v Clayton changed the trust landscape. But how afraid should we be? Are all trusts vulnerable to Clayton-style challenge? Or just the ones that push the envelope? And, if the latter, how far can one push before there is a problem? A recent decision of Moore J has provided … Continue reading
Matters of Trust 