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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
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
The way many New Zealanders manage their assets is set to change dramatically. Reforms to the laws governing trusts in New Zealand, due to come into force on 30 January 2021, are expected to trigger a massive reduction in the number of trusts. The Ministry of Justice estimates there are currently between 300,000 and 500,000 … Continue reading
The background to Kusabs v Staite, which relates to the rectification of a lease, is complex and fact specific and highlights the need for parties to written documents to ensure an accurate record of the agreement that is being recorded. Relevant considerations from the Court of Appeal include: the standard of proof for rectification is … Continue reading
The decisions in Reid v Castleton-Reid and Tian v Zhang highlight the importance of recording not only transactions, but also the parties’ expectations. Reid v Castleton-Reid relates to the correct characterisation of a $1.7m trading account. Tian v Zhang relates to whether sums advanced represented a dowry or were held on resulting trust. In both cases the judgment … Continue reading
The rules that tax certain sales of land include exclusions relating to a person’s main home. These exclusions are not meant to apply where the taxpayer has a “regular pattern” of buying and selling land used as a main home, residence or business premises. A tax policy consultation document, Habitual buying and selling of land, released … Continue reading
The Taxation (KiwiSaver, Student Loans, and Remedial Matters) Bill (Bill) includes proposed amendments arising from the administrative review of the taxation of trusts. The proposed amendment relate to clarification as to what can comprise corpus and a range of amendments that clarify the nature of certain distributions and amendments that relate variously to complying, non-complying and foreign trusts … 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 1961 Andrew Taylor advanced £200 to his mother to assist with the purchase of a property. Andrew’s contribution, which equated to 7% of the value of the property was recorded by need that recorded: … My son, Andrew Taylor, has provided two hundred pounds [200 pounds] towards the purchase price of the property, and … Continue reading
Matters of Trust 