//
archives

Trustees

This category contains 155 posts

Whose advice is it?

The Supreme Court decision granting leave to appeal the Court of Appeal decision regarding the disclosure of legal opinions and advice obtained by the trustees in Addleman v Lambie Trustee Limited (see Rights in information prevail) raises the thorny question, regarding how advice belongs to, or must be disclosed to, when legal advice is sought … Continue reading

The Kiwi way

  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

Balancing philanthropy and moral duty

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

Equitable lien: support for a caveat

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

Current Trust Issues

On 11 December 2019, Vicki Ammundsen is presenting a webinar Trust Series 2019 – Current Trust Issues.  This webinar will provide an up to date consideration of the issues facing trustees and their advisers in a rapidly changing trust landscape. The webinar will be complimented with materials that expand on the matters discussed. HIGHLIGHTS This … Continue reading

Re Benjamin

  A Benjamin order is an order made by the court for the distribution of assets on death when it is uncertain whether or not a beneficiary is alive. The order authorises the personal representatives of the deceased to distribute the property on the basis that the beneficiary is dead (or on some other basis).  … Continue reading

It’s my trust and I’ll do as I like

“It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness, it was the epoch of belief, it was the epoch of incredulity, …” Thus commenced Charles Dickens’ novel A Tale of Two Cities, and similarly the mindset of any settlor of … Continue reading

Winding up trusts

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

Beneficiaries tracing misappropriated funds

  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

Who pays the piper?

Under New Zealand’s tax rules, rental income from land belongs to the owner of the land and it is the owner who must declare the income to Inland  Revenue.   Where the property is owned by a trustee or trustees, this obligation falls on the trustees because, as a general proposition, where a property is held … Continue reading

Categories