The decision in Judd v Hawkes Bay Trustee Company Limited (see Another tributary in the trickle of constructive trust cases) has been upheld on appeal. By way of background Richard Hodgkinson and Michelle Judd were married for six and a half years. Over that period they lived in a property in Lane Road, Havelock North, … Continue reading
In Shakespeare’s Henry IV, Part I when Prince Hal finds the cowardly Falstaff pretending to be dead on the battlefield, the prince assumes he has been killed. After the prince leaves the stage, Falstaff rationalizes “The better part of Valour, is Discretion; in the which better part, I haue saued my life” (spelling and punctuation … Continue reading
The terms minute and resolution are often used interchangeably and it is common for a trustee resolution to be only treated as final once signed – but is this correct? What is a resolution? A record of a decision or is the resolution the decision? I have previously considered whether a resolution requires that there be … Continue reading
I talk a lot about all the things that go horridly wrong for trustees and all the mistakes they make and how they can do better, try harder. But the difficulty for many trustees is that even if they know they are not doing a great job, they don’t actually know how to pick up … Continue reading
Powers of attorney and deeds of delegation can be useful, especially where a trustee may be absent from New Zealand for periods of time. However, the extent to which trustees can rely on decisions made where one trustee has acted in a personal capacity and under a power of attorney require consideration. Consider the facts in … Continue reading
Trusts are a bit like plants – tend them and nourish them and you can reap the rewards for years. Leave them alone and even if once well tended to, the plant can bolt or fail. The story that became Murrell v Hamilton provides a sad example of what can happen when trustees fail to collectively … Continue reading
Family trusts are tricky things. The more so when there are loose ideas about maintaining and benefitting beneficiaries; but no real means to do so. Commonly such trusts own a single asset and require regular financial or other assistance from the settlor or involved trustees. Such was the position of the trust settled by one Mrs … Continue reading
The latest instalment of the long-running saga involving one Mrs Colebrook, the trustees of the Stokes Family Trust and the trustees of the RM Colebrook Family Trust has held that the trustees of the Stokes Family cannot sustain caveats lodged against the titles of the properties owned by the trustees of the RM Colebrook Family Trust. Background … Continue reading
Allegations of sham are commonly made, but rarely made out. Accordingly the case of Rosebud Corporate Trustee Limited v Bublitz makes interesting reading. The judge does not keep us in suspense long, coming out with his finding at p. 5 that the trust is a sham. One of the major players in this story is one … 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
