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
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
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 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
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
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
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
The proceedings in McLaughlin v McLaughlin relate to a dispute between the beneficiaries and trustees of the Ashley Trust (the Trust) and whether there should be an interim injunction to prevent the trustees from proceeding with the next stage of a development of trust property. By way of background see A little light on Beddoe … Continue reading
Santeater Limited v Wakelin highlights issues that can arise with the use of corporate trustees when the persons with the power to appoint and remove trustees are not able to work together. In this case the are two corporate trustees appointed to the Black Dog Trust (the Trust), one appointed by each settlor. One of the … Continue reading
Triezenberg v Mason (NO 3, recalled and reissued on 6 September 2019) chronicles the cost of a battle for the control of two family trusts. In earlier decisions (see Loss of Morale and Buyer’s Remorse) Mr Mason was removed as a trustee of two trusts settled by him and his wife, and then later was stripped of his Appointor … Continue reading
