-
Subscribe
Subscribed
Already have a WordPress.com account? Log in now.
The recent decision in Selkirk v McIntyre raises the largely unappreciated issue regarding the extent to which a trustee can make recovery from a co-trustee on account of liability that has been incurred by the trustee. The case also addresses (once and for all might be an optimistic assessment) whether the fact that a co-trustee … Continue reading
The recent High Court decision in Clayton v Clayton has been appealed and cross-appealed. Leave has also been given for certain appeals to be made out of time. The appeal will be heard on 14 July 2014. In the meantime, Mrs Clayton has served a bankruptcy notice on her former husband in respect of costs … Continue reading
I reviewed a couple of trust deeds today. Nothing unusual, it’s what I do. For the record when reviewing a deed of trust I start of with my trust review check list and I finish off with a summation of what I feel. While the check list elements are helpful in highlighting drafting errors and shaping my … Continue reading
Rules called the associated person rules apply to tax certain capital gains derived from land due to associations between builders, property developers and dealers. These rules were strengthened with general effect from the start of the 2010/11 income year. However, an unintended consequence of the amendments to the associated person rules is that the rules can … Continue reading
A fundamental principle of trust law is a trustee’s duty to act in the best interests of the beneficiaries. Equally recognised is a beneficiary’s right to trust information so that the beneficiary has the means to enforce the beneficiary’s rights. However, what a beneficiary of a discretionary trust does not have, is a right to be notified … Continue reading
Testamentary trusts are the most common form of trust in existence. A new pages has been added to this blog to consider and comment on issues and matters peculiar to wills and testatmentary trusts. See Wills and testamentary trusts
In Bank of New Zealand v Rowley and Skinner [2012] NZHC 2835 the High Court determined that it could have the jurisdiction to liquidate a trust. See Liquidation of trusts – more clever ways to winkle assets from trusts for the background facts. The matter has now been reconsidered, following service of the judgment referred to … Continue reading
It is a fundamental proposition of trust law that a valid trust requires that the settlor has a clear intention to create a trust. However, regardless of how clear those intentions or the terms of the trust are, a trust can later be varied even if in defiance of the settlor’s stated intentions. Where a … Continue reading
Delegation is only permissbile between trustees in limited circumstances. These circmstances can be proscribed by the deed of trust or the Trustee Act. When dealing with trustees, unless all trustees are party to any decision or contract it is extremely important for any contracting party to establish whether the trustee being dealt with has the … Continue reading
Two recent cases have highlighted the importance of ensuring that any person who disposes of assets onto trust should update their will to reflect the disposition, and if relevant link to the trust. In one case the fact that assets purported to be bequested by will had previously been transferred to a trust was used in … Continue reading
Matters of Trust 