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Claims against trusts are on the increase the reasons for which are various and relate, in part to the number of trusts in existence in New Zealand and in part to a growing appreciation and awareness as to what options a disgruntled beneficiary, settlor, trustee or creditor might have. One area that has produced much … Continue reading
I was asked this week, in a round about way, whether trusts “still work”? The question was actually couched as to whether I was aware of any statistics about how many trusts are wound up. I am not aware of any statistics along those lines. However, from my own experience I still settle more trusts … Continue reading
Writing a will is in large part a leap of faith. The will-maker’s wishes may be clear and objectively reasonable, for example providing for a spouse or partner on the expectation that children will be provided for when the surviving spouse or partner dies. However, if on or more of the children are unhappy with the … Continue reading
Trustees act personally. Where a trustee enters into a transaction the trustee is personally liable unless that liability can be limited. Sometimes this is possible by way of a contract term, in some instances standard from agreements can include a limitation of liability. However, in other instances, for example where liability is imposed by statute for … Continue reading
First off, what is FATCA? FATCA is an acronym that stands for Foreign Account Tax Compliance Act. This is an American initiative, with global reach, that places on-going obligations on non-US financial institutions to verify and review accounts to establish whether the account is held or ultimately controlled by a US person. Unless the U.S. … Continue reading
Blended families pose numerous challenges. On the death of a parent balancing the needs of that parent’s children and a surviving step-parent can be challenging. Add a trust and some last-minute asset and estate planning into the mix and the potential for conflict increases. Consider the position of the children who believe themselves to be … Continue reading
Death and taxes are often cited as the only certainties. While these can be prepared for, sometimes, things change. Even where a sensibly drafted will is in place, circumstances that might not have been foreseen can arise. Sometimes at a time where the will-maker can no longer intervene. Where the issue relates to the appointment of … Continue reading
Allegations of sham are commonly made, but rarely made out. Accordingly the case of Rosebud Corporate Trustee Limited v Bublitz makes interesting reading. The judge does not keep us in suspense long, coming out with his finding at p. 5 that the trust is a sham. One of the major players in this story is one … Continue reading
Beneficiaries are often disappointed in the actions and decisions of trustees. Sometimes with cause, sometimes without. However, few beneficiaries seek court assistance, despite their right to do so. It is presumed that this is for reasons that include the difficulties in galvanising classes of beneficiaries to take action, the cost of doing so; and in many … Continue reading
Discretionary family trusts can last, at present, for up to 80 years. While the Law Commission has suggested this should be extended to 150 years, in many circumstances just 80 years is too much. Trusts take management and prospective planning, and sometimes good management means making practical decisions that people might not like. It also means … Continue reading
Matters of Trust 