Are you a trustee of a family trust, or considering becoming one? If so, you need to be familiar with the obligations you are taking on when agreeing to act as a trustee.
In the recent case of Re Merona Trustees Ltd, the High Court was asked to determine who the beneficiaries of a trust were as it was not clear who was intended by the phrase the ‘children of the settlors’ that was in the trust deed.
Trusts Act 2019 also affects executors and administrators of wills. Mandatory and default duties explained here:
KiwiSaver members may use their funds to help buy their first home; this is straightforward. What happens, however, if you want to buy your first home and you are already a trustee of a trust that owns property?
We all like to save time and money, but you do get what you pay for. Without an independent trustee, your family trust may not protect the trust’s assets as you may expect.
Most Trusts are established to run for a period of 80 years, but provide for the trustees with the ability to wind up the Trust earlier...>
There has been a great deal of discussion recently as to whether or not family trusts are still relevant in today's legal climate.
This article explores the two most common ways that trusts can be brought to an end – bringing forward the date of distribution (the trust’s expiry date) and distributing all the trust assets to beneficiaries.
If you have a family trust set up a number of years ago, it’s good practice to review it to ensure it is still ‘fit for purpose’. Leading on from that is the question that is often asked of us, “Should I bring my trust to an end?”
A recent decision of the High Court of England and Wales has wide reaching implications for New Zealand trust law and the Property (Relationships) Act 1976.
Making sure everyone you care about gets a fair share of your property after you die is an issue most of us grapple with. This may also have additional complications when you have a blended family. It’s not always as easy as just writing your Will and specifying who gets what... >
For many people a gift by Will (also known as a legacy) from a relative or friend can be very significant – both personally and financially. The relative or friend wants to show you kindness but also usually wants the gift to be of real benefit to you personally. You need to keep it protected. >
In late 2013, the Law Commission completed a report recommending that a new Trusts Act replace the Trustee Act 1956. It is intended that the new legislation will be the primary source of trust law in New Zealand. We outline below some key proposals. >
Most owners want to ensure their business will continue after they have died. However, there is a lot more planning that you should do other than just having an updated Will and Enduring Powers of Attorney. >
Foreign trusts have been in the news recently. The government has now introduced legislation to tighten up the rules. But what are foreign trusts and is this important to you? >