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It is relatively well understood that it is not possible to record that the legal title to a privately owned property is held on trust: Land Transfer Act, s 128. However, a lesser known “no survivorship” notation can in fact be used to indicate that the land is owned on trust: Land Transfer Act s 131 … Continue reading
Trusts, like relationships, are often settled when the future seems rosy and the possibilities are endless. When the relationship dream comes to an end, all too often so does the dreams the settlors had regarding the trust and the trust property. The difficulty where parties cannot make their own decisions, as painful as they may … 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
It may seem somewhat trite law that once a trust is settled, the settor loses the right, by virtue of having made that settlement, to control the trustees. To put this another way, just because you are the source of the trust’s assets, you cannot determine how these assets are utilised. This fundamental proposition of trust … Continue reading
The case of Dever v Knobloch is not especially new. However, it is surprising how many times I have looked back to refer to it. The facts of the case are not particularly interesting – essentially no more than another family dispute where the existence of a discretionary trust does not forestall expectations of equal … Continue reading
When vendor and purchaser are associated companies the amount of secondhand goods credit that can be claimed is limited to the lesser of the: GST included in the original cost of the goods to the supplier [GST] tax fraction of the purchase price, and tax fraction of the open market value of the supply. The tests of … Continue reading
Retiring trustees are commonly indemnified by the continuing trustees for costs that might arise in the future relating to the trusteeship. An example where resort might be made to such an indmenity is when a retired trustee is later named in proceedings relating to the time of the trustee’s tenure. Where the indemnity is from the continuing trustees the indemnity … Continue reading
The Court of Appeal has upheld the High Court decision in Glover No 2 Limited v Glover Trust Limitd et ors that a deed of bare trust that was entered into only to avoid a tax liability was a valid document and did not represent a sham. The deed of bare trust was entered into to … Continue reading
Acting as a trustee is a tricky business that requires the juggling of a lot of balls. Trustees looking for some digestible reliable information might like to familiarise themselves with this e-book (see my interview at p. 43 – Managing Beneficiairies and Their Expectations). See http://trusteesupport.co.nz/10-minute-trustee-success/
It is conceded that liberties have been taken with the heading due to space limitations. The point, that cannot be emphasised too much, is that at the most basic level trusts exist to hold, manage and protect, property, for the benefit of the beneficiairies. Not the trustees. A trustee’s liability between the trustee and the … Continue reading
Matters of Trust 