In the Matter of the Representation of First Island Trustees Limited raises interesting considerations about the position of a trustee who finds itself in a situation where the family who was to benefit has effectively disavowed the Trust. The decision also highlights the practical aspect of anti-money laundering obligations and client due diligence where there … Continue reading
In the first significant decision since the Supreme Court decision in Greenpeace the majority of the Court of Appeal has allowed the appeal in Family First New Zealand v Attorney-General against the decision to de-register it as a charity. The High Court had previously considered that Family First did not qualify for registration as its … Continue reading
Webb v Webb relates to whether a tax debt owed by the former husband in New Zealand is enforceable in the Cook Islands, and what that means in the context of the division of matrimonial property in the Cook Islands; the validity of two trusts settled on somewhat unusual terms; and valuation considerations when a … Continue reading
Trusts and relationships can make for very poor bedfellows. The temptation to remove a former spouse or partner as trustee or beneficiary or to appoint or remove a professional presumed to favour one side over the other (whether or not this is the case) can be tempting. Similarly fraught can be involving children in the … Continue reading
Bare trusts are not uncommon and can arise intentionally or otherwise, as well as by an express declaration of trust, whether written or oral. However, the nomenclature can extend to a range of circumstances where it is necessary to consider the nature of the trust and, if a bare trust, the bare trustee’s duties. In … 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
In Carson v Lane Thomas J explores the moral duty owed by a father to his estranged adult children balanced against the father’s wishes that his windfall wealth be utilised in the furtherance of research and development of the Galloway breed of cattle. His final will, which was made in the face of strong legal … Continue reading
The background of this matter is set out at [1], [2], [3] and [4] of the High Court judgment as follows: [1] The plaintiff, Camray Farms Ltd (Camray), and the second defendant, the Gordon Moore Trust (GMT), each claim priority to the proceeds of sale of properties in Ohaupo known as the Neighbouring Property and … 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
Thomas Young sued (as a trustee and as a beneficiary) the widow of the former trustee John Hunt allegeing the theft of $146,175 from the Twiss Family Grandchildren’s Trust. The background is set out as follows at [3] to [6]: “[3] The Trust was settled on 1 April 1991. The settlor was Mr David … Continue reading
