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Mistakes happen in all walks of life. Some are easy to remedy, others, not so much. What happens when a mistake occurs in a deed of trust? Some mistakes can be corrected through the trustee’s power to vary; if the deed provides for that. Where the trustees do not have a power of variation, a … Continue reading
Rob Stock recently wrote (Sunday Star times, April 29, D8) about how rising fees were eroding the great legacy of Frank Sydenham and questioning whether, with hindsight Mr Sydenham would have written his will differently. Mr Sydenham’s will provided for the establishment of a trust estate, the income of which was to be used to … Continue reading
The recent decision in SW Trust Limited v Grandad’s Limited highlights, yet again, the number of corporate trustees operated by professionals that accept multiple trustee appointments but that do not appear to wish to be in the trustee business. In the judgment it is noted that: “First, the applicant is a corporate trustee. It was … Continue reading
The jurisdictional boundaries of the Family and High Courts are not always entirely clear in trust matters. While the Family Court has exclusive jurisdiction in relationship property matters, the Property (Relationships) Act 1976 provides that proceedings can be transferred to the High Court in certain circumstances. Further, even if the Family Court is accepted as the appropriate jurisdiction, it may be that … Continue reading
The decisions in Eden Refuge Trust make sobering reading for any person acting under a trustee’s instructions. The proceedings (see Eden Trust v Hohepa) relate to claims against a trustee for breach of trust and conversion, and claims against the solicitor acting for the trust for breach of fiduciary duty, knowing receipt and dishonest assistance. By way of … Continue reading
The Proceeds of Crime Act 1991 (since replaced by the Criminal Proceeds (Recovery) Act 2009) provides for the forfeiture of property used in the commission of a crime. In the case of Solicitor-General v Monk the property in question was a family home that had been used in the manufacture of methamphetamine. The fact that the home was owned … Continue reading
The importance of genuine trust management cannot be overstated. Although a common response to what are ofter seen as “rubber stamp” independent trustees, is to dispense with independent trustees altogether, this approach is dangerous and can make it difficult to evidence an effective trust. The fact is, trust ownership can be a bit of a … Continue reading
It is common for a modern deed of trust to provide for an appointor who has the power to add and remove trustees. Where the deed is silent regarding the appointment of trustees, recourse can be had to s. 51 of the Trustee Act, which empowers the court to appoint new trustees. Although, there is … Continue reading
I’m presenting a webinar for NZICA on the Taxation of Trusts on 23 March 2012. The webinar will provide an overview of the many and varied ways in which trusts are taxed and will also include the opportunity to ask questions. If you are interested in attending the webinar contact NZICA directly.
When Alexander Pope wrote “To err is human; to forgive, divine” it is doubtful that his mind was turned to matters equitable. However, the expression is an apt description of the recent decision in Official Assignee v Mayers. This case considers whether the Official Assignee can recover gifts made by way of forgiveness of debt prior to … Continue reading
Matters of Trust 