Duties of a trustee One of the most important duties of a trustee is to act totally in the interests of the trust beneficiaries. Divided loyalties or a conflict of interest can be enough for a trustee to be removed. A recent decision, Wilson v Pedersen1, shows the
Taylor v Official Assignee Trusts are quite often used to protect assets against possible future creditors. Of course you cannot use a trust in order to defraud your creditors. If you know you cannot pay your debts, then putting assets into a trust where they are ringfenced
A recent case Under the Family Protection Act 1955 (FPA), parents have a moral duty to provide in their Wills for their children’s maintenance and support. Provision need not be direct; in some circumstances support can be made through a trust – as a recent family court
The Supreme Court has spoken Using a trust – or any other structure such as a company – to reduce your income is not straightforward. If you push the boundaries too hard you may end up having to pay a lot more. The latest Supreme Court decision provides a useful warning
As vendor under an Agreement for Sale & Purchase Trustees are the legal owners of trust property and are personally liable for warranties given under an Agreement for Sale & Purchase. Trustees should be very careful about giving warranties. They should acquaint
Don’t expect government hand-outs just because you’ve put everything into a trust After gift duty comes to an end from 1 October, one thing will still be clear: you can’t give everything away to a trust and then expect to rely on state assistance because you don’t
Hastings Office - Trust House, 206 Queen Street East, Hastings, New Zealand
P.O. Box 148, Hastings 4156, Email: giffdev@giffdev.co.nz,
Phone: 06 873 0420, Fax: 06 876 0043
Havelock North Office - 1 Havelock Road, Havelock North, 4130
