Neumegen v Durrans relates to an application under s 75 of the Trustee Act 1956. While such applications have not been common to date, moving forward, as more beneficiaries become aware of trust and their rights, it might be expected that such applications will become more common place. In Neumegen v Durrans the executor applied … Continue reading
Miller v Cregten touches on the vexed issue as to settlor’s wishes to ensure that only identified beneficiaries benefit and that: “if a beneficiary is married, in order to protect the beneficiary from thepossibility of a matrimonial property claim in the event of a breakdownof his or her marriage, you should take into consideration the … Continue reading
Re W relates to the scenario of which movies are made where a relative leaves considerable wealth to a single individual. In this case the prior beneficiary of the deceased’s wealth was to be his sister, W’s mother. However, after the deceased became estranged from his sister, the deceased altered his will so as to … Continue reading
Walker v Walker is one of many cases that finds itself before the courts requiring assistance with the appointment, retirement or removal of trustees as a result of trustee incapacity. However, one aspect of the case that warrants further interest is the “possibility that former trustees have technically remained trustees because they were not properly … Continue reading
In Butterfield v Sundberg the applicant seeks directions under s 66 of the Trustee Act 1956 to be commenced by way of originating application pursuant to Part 19 of the High Court Rules to allow the final distribution of the trust estate’s modest assets. The grounds for the application are set out at [15] as follows: … 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
Representation of the Rawlinson & Hunter Trusts SA re Z Trusts relates to appeals against three judgments of the Jersey Royal Court regarding the equitable rights of a former trustee and whether those rights take priority over the rights of other claimants to the assets of a trust whose liabilities exceed its assets, in other words, … 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
CDT 12 Limited v Millar doesn’t answer the Jasmine question, but does raise considerable doubt as to whether Jasmine applies in New Zealand. For the background to the “Jasmine” issue, see Two trustees go down to the woods … one is discharged, one is not and Exit stage left. Mallon J’s decision on the papers in … Continue reading
