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Trustee retirement

This category contains 34 posts

Clearing the decks

Walker v Walker is one of many cases that finds itself before the courts requiring assistance with the appointment, retirement or removal of trustees as a result of trustee incapacity. However, one aspect of the case that warrants further interest is the “possibility that former trustees have technically remained trustees because they were not properly … Continue reading

The smell of Jasmine

Where a trustee wishes to retire, the first inquiry as to how to do so, must be to the terms of the trust.  If the trust instrument is silent, then the provisions of the Trustee Act 1956 will prevail.  However, what might the position be if the trust instrument provides for retirement, but does not … Continue reading

Abandonment issues

In the Matter of the Zoanz Trust provides a practical solution where the settlor trustees no longer wish to participate in day-to-day trust administration.  As noted at [11]: “The property requires remedial works due to weathertightness issues and the body corporate has issued levies to the Trust. Approximately $250,000 is outstanding. It is necessary for the … 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

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

Can attorneys exercise powers of appointment?

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

So close to Jasmine you can smell it

CDT 12 Limited v Millar doesn’t answer the Jasmine question, but does raise considerable doubt as to whether Jasmine applies in New Zealand.  For the background to the “Jasmine” issue, see Two trustees go down to the woods … one is discharged, one is not and Exit stage left. Mallon J’s decision on the papers in … Continue reading

Exit stage left

Oldfield v Oldfield relates to the trust consequences of a marriage breakup.  Specifically, who should be the trustees when the settlors, who are also trustees, can no longer work together. Mrs Oldfield wishes to see Mr Oldfield removed as a trustee.  Mr Oldfield’s view is that it is not appropriate to replace the trustees, rather the … Continue reading

Buyer’s remorse

Trusts can seem like a great idea.  And then one day a settlor can be confronted with the reality of the loss of control and cast around for someone to blame.  In addressing the realities of trust ownership, the exercise of powers of removal and appointment can offer a solution to issues with the dynamics between … Continue reading

Lost in translation

Orders removing trustees and appointing replacement trustees are not uncommon.  Such orders can be required in circumstances including incapacity, absence, deadlock or because it is expedient in the administration of the trust for a trustee to be removed and perhaps replaced.  However, it is important to appreciate that whether a trustee is removed / appointed … Continue reading

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