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Testamentary trusts

This category contains 10 posts

Expectation denied

Expectations, great or otherwise are tricky to enforce.  When a person who had expectations in respect of an estate is disappointed there are various options for challenge open to the disappointed party.  However, each has thresholds that need to be satisfied. Consider the case of Blumenthal v Stewart.  Mr Blumenthal was the son of Mr … Continue reading

Jurisdiction failure

Estates can take time to administer and distribute.  Beneficiaries can tire of waiting.  Or they might require funds to sue the executors or other stuff.  The remedies available to beneficiaries depend on part as to whether the estate has transitioned from the administration phase.  See transition from executor to trustee.  This was of relevance in … Continue reading

War of the roses

War of the Roses is a 1989 American film based on the 1981 novel The War of the Roses by Warren Adler. The film, which  co-stars Michael Douglas, Kathleen Turner and Danny DeVito chronicles the demise of a marriage  against the backdrop of a beautiful home that the couple, literally fight to the death over.  Trust disputes can be … Continue reading

Taxation of Trusts ed 3

  The taxation of trusts is a dynamic and ever-changing landscape. The third edition of Taxation of Trusts published this week (September 2016) has been up-dated to incorporate recent case law developments and legislative amendments.  The text also considers the application of FATCA to trusts and proposed new reforms to the disclosure rules and closely … Continue reading

Costly failure to disclose trust information to minor beneficiary’s guardian

Beneficiaries of a trust – including a testamentary trust are entitled to information relating to the trust. In the Goodman v Campbell a minor beneficiary’s mother sought appointment as a litigation guardian following an executor’s refusal to provide information about the estate of which her minor son was the sole beneficiary.  The trustee of the … Continue reading

What’s in a name?

References to executors and trustees are routinely combined and treated as synonymous with each other.  But are they?  Actually they are not.  While the distinction is often unimportant, in certain circumstances it is critical. The executor’s duties include obtaining a grant of probate, getting in all of the assets, paying outstanding (and future) debts including … Continue reading

Future proofing wills

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

Will I won’t I will?

Will trusts or testamentary trusts are the most common form of trusts.  In this regard, your will is literally your last word.  However, an extraordinary number of New Zealanders do not have a will. If you die intestate (legal speak for no will) your estate is distributed in accordance with the relevant formula in the … Continue reading

Wills and testamentary trusts

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

Removing trustees

The appointment as trustee involves significant responsibility and, in some circumstances, it is inthe best interests of the beneficiaries for a trustee or trustees to be removed. Most commonly a trustee will retire or can be removed pursuant to a power of removal where animosity or other concerns may cloud judgment.  However, in some circumstances, … Continue reading