Trusts Act

This category contains 17 posts

Integrity of Trust Administration

Singh v Attorney General is an application under part 5 of the Trusts Act 2019 and pursuant to the High Court rules to defend the applicants’ removal as trustees of the Sikh Sangat NZ Trust (the Trust) and for a Beddoe Order. The applicants separately seek the removal of the Trust’s founding trustee and an … Continue reading

Directions under the Trusts Act

The decision in Re Tauranga Energy Consumer Trust may on first blush appear esoteric and outside the mainstream. However, the decision warrants careful reading as it is one of the few cases to date to consider default duties imposed by the Trusts Act 2019 in a practical construct. The case relates to a proposed restructure … Continue reading

It’s mine said the trustee, all mine

The background to the appeal in Lambie v Addleman is encapsulated in [8] and [9] of the decision where the Supreme Court states as follows: The factual background is set out in Whose advice is it?; Rights to information prevail; and Disclosure request declined – 24 years a leap too far for a beneficiary who … Continue reading

Trust fundamentals 2021

Trusts are a common form of asset ownership. However, the rights and obligations associated with trusts, and even simple matters such as contracting with trusts are not always well understood. Vicki Ammundsen is presenting a webinar on Trust Fundamentals on 10 February 2021 at 10.30am. For more information see Trust Series 2021 – Trust Fundamentals.

Keep calm and carry on!

The Trusts Act 2019 came into full force and effect today, 30 January 2021 and the Trustee Act 1956 and Perpetuities Act 1964 are repealed. Hello and good bye. The purpose of the Trusts Act is to make trust law more accessible to trustees and beneficiaries and to strengthen the ability of beneficiaries to hold … Continue reading

Put up or shut up

Neumegen v Durrans relates to an application under s 75 of the Trustee Act 1956.  While such applications have not been common to date, moving forward, as more beneficiaries become aware of trust and their rights, it might be expected that such applications will become more common place. In Neumegen v Durrans the executor applied … Continue reading

Arbitration on whose terms?

Ryan v Lobb relates, amongst other things) to a question of interpretation of a clause in a trust deed of the Lothbury Trust (the Trust) relating to the resettlement of trust assets in the event of separation.  While on the face of it a provision dealing with the settlors’ separation appears prudent; as was also … Continue reading

Disclosure denied

In Jacomb v Jacomb Cooke J provides a considered assessment of disclosure in the context of a troubled and disenfranchised beneficiary. The case highlights the need for careful analysis of facts when seeking disclosure, the relevant principles, and importantly given that the Trusts Act 2019 will come into full force and effect on 30 January … Continue reading

After the horse has bolted

Moon v Lafferty is an unsuccessful claim for discovery before commencement.  The background of the claim is a family estrangement.  The applicants’ mother settled a trust during her life and gifted $300,000 to that trust from a settlement of $388,871 the deceased received from litigation between her and her daughter Jessica (one of the applicants).  … Continue reading

Bye bye beneficiary?

Given the new presumption in the Trusts Act 2019 that, with effect from 30 January 2021, trustees will give basic trust information to every beneficiary, it can be presumed that many trustees will be looking to cull trust beneficiaries to ensure trusts comply with the settlor or settlors’ intentions, whether or not these are expressed … Continue reading