This was the question faced by the executor/trustee of the estates ofMargaret and Ian Glue. Margaret died in 2005, leaving a life interest in her estate to Ian, and her remaining estate to her two sons. Ian died in 2009, also leaving his estate equally to his two sons, David and JohnJohn received his inheritance. David, however, could not be found despite exhaustive efforts even though it was believed he was alive. The executor/trustee had held David’s inheritance for years and wanted to be free of his obligations. We follow the HighCourt’s decision to close this case.
Refusing an inheritance
This was the question faced by the executor/trustee of the estates ofMargaret and Ian Glue. Margaret died in 2005, leaving a life interest in her estate to Ian, and her remaining estate to her two sons. Ian died in 2009, also leaving his estate equally to his two sons, David and JohnJohn received his inheritance. David, however, could not be found despite exhaustive efforts even though it was believed he was alive. The executor/trustee had held David’s inheritance for years and wanted to be free of his obligations. We follow the HighCourt’s decision to close this case.
Decision in ‘Alphabet case’ could change succession landscape
In June 2023, the Supreme Court heard the ‘Alphabet case.’ Mr Z severely abused his wife and children physically, psychologically and sexually. He died in 2016 leaving a small estate. He had, however, earlier settled a trust to prevent his children “chasing” his assets. The children, despite the bulk of their father’s assets being held in a trust, believed he owed them a fiduciary duty because of the abuse they had suffered.
We await the Supreme Court’s decision.
Over the fence
Obligations of working dog owners; MPI: Animal welfare checks; Firearms Registry opened 24 June 2023
Emissions Trading Scheme
The ETS is the primary regime used to achieve the government’s long-term commitment to reduce New Zealand’s greenhouse gas emissions. The government has now acknowledged that the current framework is not perfect and the ETS must adapt. In June, two discussion papers were released as part of the government’s consultation process; we outline the proposed changes.
Freshwater farm plans
Freshwater farm plans are part of the Essential Fresh water package introduced by the government in 2020. We discuss what is required of farm plans that will be rolled out by region over the next two years.
Property briefs
Unit titles legislation updates; First Home Grants thresholds increase; Loan to value restrictions eased
Owning a heritage building
In this article, we outline some things you need to think about when owning or buying a heritage building.
Kāinga Ora First Home Partner scheme
In the Winter 2022 edition we discussed what to consider when co-owning a property with friends or family. Another co-ownership option to consider is the Kāinga Ora First Home Partner scheme.
Business briefs
Update on construction contracts retention regime; New obligations for businesses offering Buy Now Pay Later; Large businesses may need to disclose payment practices
Business continuity planning
Serious weather events such as Cyclone Gabrielle have increased the importance of businesses planning for the unexpected.