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Trusts are a common form of asset ownership. However, the rights and obligations associated with trusts, and even simple matters such as contracting with trusts are not always well understood. On 26 February 2020 Vicki Ammundsen is presenting a webinar on trust fundamentals. The webinar will introduce basic trust concepts and will use a case … Continue reading
Ten years ago, very few New Zealand practitioners were aware of or made use of Beddoe applications. More recently Beddoe applications have become increasingly important for trustees who are wanting to protect themselves in regard to costs in trust litigation. However, there are some very important points trustees need to bear in mind regarding Beddoe … Continue reading
Families are funny old things. Blood is thicker than water (fact). But when it comes to who should get the most after Mum and Dad have died, perceptions can become quite skewed. In Ngui v Ngui the surviving parent left her estate to her four children in equal shares. So far so fair. However, one … Continue reading
Bare trusts are not uncommon and can arise intentionally or otherwise, as well as by an express declaration of trust, whether written or oral. However, the nomenclature can extend to a range of circumstances where it is necessary to consider the nature of the trust and, if a bare trust, the bare trustee’s duties. In … Continue reading
New Zealand Herald data journalist Keith Ng estimates that 325,000 New Zealand properties have trusts involved in their ownership structure. See In properties we trust – it’s the Kiwi way by Anne Gibson (New Zealand Herald 18 January 2020). However, what the true number is cannot be definitively determined as s 153 of the … Continue reading
In Carson v Lane Thomas J explores the moral duty owed by a father to his estranged adult children balanced against the father’s wishes that his windfall wealth be utilised in the furtherance of research and development of the Galloway breed of cattle. His final will, which was made in the face of strong legal … Continue reading
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
The Government has released its response to the Law Commission report, Review of the Property (Relationships) Act 1976 Te Arotake i te Property (Relationships) Act 1976, which was presented to Parliament on 23 July 2019. The report has recommended that the rules applying to relationships ending on death be examined within the context of a broader review of … 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
Matters of Trust 