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The Taxation (Annual Rates for 2023-24, Multinational Tax, and Remedial Matters) Bill has had its third reading and now awaits assent. One aspect of the increased trustee tax rate will be the application to testamentary trusts that cannot be fully distributed in the permitted time-frame. While many estates are administered efficiently and without tax implications. … Continue reading
The background facts of NZ Trust Corporation Ltd v Bonnard Lawson Geneve SA & Ors are set out by Associate Judge Gardiner at [1] to [4] as follows: The issues for the Court to determined can be summarised as whether: The following time-line sets out key events that have lead to the proceedings before the … Continue reading
The Taxation (Annual Rates for 2023-24, Multinational Tax, and Remedial Matters) Bill (the Bill) has been amended by the inclusion of: As noted in the commentary to the Bill: References:
In New Zealand Beddoe applications are governed in the first instance by the High Court Rules, which do not extend to prospective costs orders by beneficiaries. Representation of VG Trustee Limited re the B Trust (Re the B Trust) considers whether beneficiaries should have their costs met on account of a successful Beddoe application brought … Continue reading
Re Borthwick relates to an application by trustees to enter into a settlement agreement and to make the necessary variations of trust to effect the agreement. The background of the matter features a trust restructure that was challenged by a disaffected beneficiary. The application before the court calls upon the court’s supervisory capacity pursuant to section 124 … Continue reading
In Jongeneel v Schaake Powell J traverses the parameters of deadlock that would support the Court exercising powers to remove existing trustees and appoint a replacement trustee pursuant to sections 112 and 114 of the Trusts Act 2019, By way of background Ms Jongeneel and Mr Schaake settled the J A G and A J … Continue reading
The key facts of Tata v Abrams are set out in [2] of the judgment as follows: … Donna and Reginald’s mother, Violet Tata (Violet), passed away on 19 March 2008. Donna was one of two executors appointed under Violet’s Will. The other executor, Ms Judy Kaka, passed away in 2016. Donna assumed responsibility for … Continue reading
The Trusts Act 2019 introduced a presumption that trustees will provide basic trust information to every beneficiary and will provide further information on request. Before doing so, trustees must consider the factors set out in section 53 of the Trusts Act. Importantly, there is a procedure in section 54 of the Trusts Act where no … Continue reading
McLauglin v McLauglin relates to claims regarding the management of a family trust and the cost consequences of the proceeds, which are significant. The background of the matter is summarised by French J, who delivered the Court of Appeal’s decision as follows: The trust that is the subject of these proceedings, the Ashely Trust (the … Continue reading
It is not uncommon for will-makers to specify the age at which beneficiaries are to benefit. The question is, if the beneficiaries have capacity, must they wait? Telford v Telford answers this question by reference to the rule in Saunders v Vautier, and more latterly section 121 of the Trusts Act 2019. By way of … Continue reading
Matters of Trust 