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A trust can exist independently of any deed or express arrangement. This was demonstrated in a recent case where a father was required to account to his two daughters for gifts and money they earned in a school holiday job. The case was widely reported as kids sue father for pocket money has a catchy ring to it … Continue reading
Anti-money laundering, counter financing of terrorism could be coming to a trust near you soon. The article below was published in the Law News earlier this month. Although pretty dull stuff, the message to take away is some of this stuff might apply to you. Read on (perhaps fortify yourself with a strong coffee first – there … Continue reading
Vicki Ammundsen is presenting a webinar on winding up trusts on 19 June 2013 at 10.30. The one hour webinar will be followed by 1/4 hour for Q and A. This webinar, which will include the opportunity to ask questions, refers to recent case law to canvas why, how and where trustee liability arises; and what trustees … Continue reading
This blog explores the increasing difficulties the asset rich party has hiding assets from his or her former partner in the face of judges who really want to help. The case in question (Prest v Petrodel) is a UK case, and accordingly, it is important to appreciate that the equivalent relationship property legislation includes broader powers … Continue reading
As has been discussed in a number of previous blog posts, relationships and trusts make poor bedfellows. One of the difficulties that can be encountered is that the division of property, that would otherwise fall to be determined in accordance with the Property (Relationships) Act 1976, can be somewhat less straight-forward when what you are … Continue reading
The blog post, Is it a bird, is it a plane is it a loan? highlighted the importance of determining the nature of funds advanced to a trust. In that case it was argued that a loan advance was a gift. Another case along the same lines was ultimately resolved between the parties and it was … Continue reading
The High Court decision in Stokes v Colebrook has been overturned on the undisclosed agency point ( for background see My Trust is My Creature). Note that the parameters of the appeal have since been further defined. See Stokes, Stokes and Williams as trustees of the Stokes Family Trust v Insight Legal Trustee Company Limited … Continue reading
Section 46(4) of the Trustee Act 1956 provided that the High Court could order the appointment of the Public Trust in replacement for another trustee without requiring the Public Trust’s consent. Such a provision is necessary to ensure that no trust can fail for lack of a trustee. However, where the trustee in question is the … Continue reading
Powers of attorney are regularly granted so that one person can act on another person’s behalf. The granting of power to an attorney can facilitate transactions and represent a practical solution in many personal and business situations. However, the granting of unfettered power can be abused. The recent decison in Lines v Pikia provides a … Continue reading
There was a little story in the Herald today. Well a little story, but some interesting numbers. The story was about former National Bank personal manager Mr Cooper who admitted 41 criminal offences that related to the theft of nearly $1milllion (a reasonably big number) and some related money laundering. The theft happened over a period … Continue reading
Matters of Trust 