A Trustee of my Family Trust has lost capacity – what do I do? Trustees are the people who own the trust assets and manage those assets for the benefit of the beneficiaries. So, when a trustee can no longer act as a trustee due to the effects of dementia or other mental incapacity, the…
Bare Trusts When our assets are not owned by a company or in a trust, we usually own our assets in our personal name. However, you can ask someone else to hold property or assets in their names, on your behalf. This arrangement is called a bare trust. What is a Bare Trust? A bare…
The Trusts Act that came into effect in January 2021 is the first major reform since 1956. New legislation has impacted trustees, beneficiaries, and legal practitioners, mainly for the better. The Act aims to simplify the law and offers trustees improved guidance in order to achieve this. The new legislation also affords beneficiaries the ability to…
Have you and your partner entered into a Relationship Property Agreement? You might be surprised to find that your separate property may not be as secure from your partner as you think. In a recent High Court case, the Court concluded that a Relationship Property Agreement does not protect one’s assets from a Family Protection…
The recent case of The Estate of Thomas Winston Hodgson highlights changes under the new Trusts Act and what the Court will deem ‘reasonable measures’ when trying to find missing beneficiaries. In this article we explore your responsibilities under the Trusts Act 2019 when a beneficiary cannot be found. Brief history – Thomas Winston Hodgson…
As at 30 January 2021, the Trusts Act 2019 is in force. This long awaited Act brings the law up to date in replacing the Trustee Act 1956. The new Act brings new obligations for trustees. It is important that trustees are aware what these ongoing obligations are and how their trust is affected by…
A recent article published by stuff.co.nz highlights that many family trusts established in the 1980s and 1990s may no longer be needed due to changes in circumstances and upcoming changes in Trust Law. It is estimated that there are approximately 500,000 Trusts in New Zealand. Trust Partner, Brooke Courtney, agrees that many existing family trusts…