Succession drama for Rupert Murdoch trust
The Murdoch case illustrates how important it is to get things right from the outset to protect the beneficiaries from someone trying to make unexpected changes later.
Trusts
Gloriavale debanked!
For many years, Gloriavale has banked with the Bank of New Zealand (BNZ). In July 2022, BNZ notified Gloriavale that it intended to end its contractual relationship and stop providing banking services.
Disinheriting your children: can it be done?
In New Zealand, if a will-maker entirely excludes some close family members from their will, those people will often have claims against the will-maker’s estate.
Contracting out agreements for relationships late in life
Contracting out agreements are particularly useful for couples entering into a de facto relationship, or marrying later in life, as both parties are more likely to come to the relationship with more complex financial affairs.
Polyamorous relationships
In a split decision, the Supreme Court recently confirmed that polyamorous relationships can be divided into two or more qualifying relationships, to which the provisions of the Property (Relationships) Act 1976 (PRA) can apply.
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.
Tikanga in the law of Aotearoa New Zealand
Late last year the Supreme Court quashed Peter Ellis’ multiple 1993 convictions of sexual offending against children who had attended the Christchurch crèche where he was a teacher. His 1994 and 1999 appeals to the Court of Appeal had been unsuccessful. In July 2019, the Supreme Court granted leave to appeal the Court of Appeal decisions giving an extension of time to do so.
However, Mr Ellis died in September 2019 before the Supreme Court heard his case. Usually, an appeal dies with an appellant.
Who are the ‘children of the settlors’?
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.
Who really wants to be a trustee?
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. You should also have a clear understanding of the risks that you are exposed to when you agree to act as a trustee.
When Lotto winners fall out
Winning a Lotto prize is always a reason to celebrate; dreams can be realised and life can be more comfortable. Banking a lump sum can, however, give headaches to families as they not only grapple with newfound wealth, but also how it could be distributed amongst family members.