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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
McCallum v McCallum relates to applications for discovery of information including trustee legal fees, trustee resolutions and legal advice received by trustees. The case considers important procedural aspects of when discovery can be sought, the rules that apply to originating applications and the extent of discretion available to the High Court regarding such matters. Of … Continue reading
In Godfrey v McCormick Nation J held that an attorney under an enduring power of attorney can not exercise powers of appointment even if held in a personal capacity. This is inconvenient where there is incapacity. While this will likely be addressed by the trustee appointment and removal provisions in the Trusts Act 2019 (following … Continue reading
Families are complicated. Family agreements and arrangements all the more so. Almond v Read highlights the consequences of family arrangements that are not recorded in writing. The background facts are not disputed. Ms Almond purchased land in Drury. Two dwellings were built on the Drury property (the Property), one was occupied by Ms Almond and … Continue reading
Representation of the Rawlinson & Hunter Trusts SA re Z Trusts relates to appeals against three judgments of the Jersey Royal Court regarding the equitable rights of a former trustee and whether those rights take priority over the rights of other claimants to the assets of a trust whose liabilities exceed its assets, in other words, … Continue reading
Matters of Trust 