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Kermit the frog sang “It’s not easy being green.” It’s not always that easy being a beneficiary either. The Sesame Workshop advises that the song is about “… knowing who you are, realizing your own worth and dignity, and becoming more content and comfortable within yourself.” Whether this will help any beneficiaries of discretionary trusts … Continue reading
Re The Trustee Company, EF and GH is an anonymised decision of the High Court improving a variation to extend the vesting date for two trusts that will otherwise vest this year. The variation sought will also modernise the terms of the two trusts. As set out at [11] “… AB and CD have spent … Continue reading
Refrigerant Recovery NZ Limited v the Trust for the Destruction of Synthetic Refrigerants relates to a Beddoe order application. The substantive claim challenges the validity of a trust restructure and decisions made by the former trustee’s directors to implement the restructure. The restructure was brought about to address reforms to the product stewardship schemes (one … Continue reading
Testamentary trusts arise in many circumstances and for many reasons. In Castle Trustees Limited the deceased provided for the residue of his estate to provide income for his children throughout their lives with a 1/4 share of the total residuary estate being distributed in equal shares to the grandchildren following the death of each child. … Continue reading
Robson v Robson helpfully outlines the process to follow when an executor has neglected to prove a will. In this case the named executor did not apply for probate, or renounce. No reasons were given. The substitute executor’s solicitors wrote to the executor when more than six months had elapsed inviting the named executor to … Continue reading
AB and BB v CB, DB and EB relates to an application for rectification of a trust deed to remove the requirement for an independent trustee in circumstances where the original trustees were the settlors and a solicitor who was related by marriage. The settlors were of the view that the strict requirement for independence … Continue reading
In Gallagher-Dekker v Gallagher Anderson J carefully traverses the matters the Court will take into consideration when deciding whether trustees of a testamentary trust should be removed and replaced with a professional trustee. By way of background: Sections 112 and 114 of the Trusts Act 2019 provide that the Court may remove a trustee and/or … Continue reading
Sometimes I can’t say it any better than another trust professional.The following from Lindsay Pope highlights the too-often overlooked issues that can arise as professional advisors and professional trustees lose sight of the important demarcations between their roles: Professional trustee vs professional advisor roles Professional advisers provide advice to clients. In an advice relationship, decisions are … Continue reading
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
On 31 August 2011, Inland Revenue issued Revenue Alert RA 11/02. This Revenue Alert sets out the Commissioner’s views in response to the decision in Penny and Hooper as to when diverting personal services income through an associated entity such as a trust will constitute tax avoidance. Key provisions The main points of the Revenue Alert can be … Continue reading
Matters of Trust 