Trusts

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Section 21 Agreements and Trusts

Are they a good mix in organising relationship property in the rural sector?

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Common Intention Constructive Trusts

The widely publicised separation and property dispute of Sally Ridge and Adam Parore saw the High Court consider the concept of a common intention constructive trust.

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Importance of an ‘Independent’ Trustee

The law requires all trustees to act independently and impartially. The term ‘independent trustee’ is used to describe a trustee who does not benefit from the assets of the trust.

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All Trustees Must Sign when Dealing with Trust Assets

When establishing a family trust that usually owns your family home and some investments, the usual ‘mum and dad’ trust has you and your partner as trustees, together with an independent trustee.

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When a Trustee Loses Capacity

With New Zealand’s ageing population, more and more people are losing mental capacity as they grow older. When this happens to a trustee of a trust, it can make trust administration difficult or, in some cases, almost impossible.

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Signing on Behalf of Trustees

Plan ahead. Trustees sometimes need to sign documents in a hurry. An example is bank mortgage documents which may need to be signed so that the trust can borrow to cover expenditure.

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Family Trusts and the Family Protection Act 1955

Under the Family Protection Act 1955 (FPA), parents have a moral duty to provide in their Wills for their children’s maintenance and support.

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Running a Family Trust

Make sure your family trust stands up to scrutiny. The Sunday Star Times recently published an article about Do-It-Yourself family trusts and how failure to manage them correctly can put the integrity of a trust at risk.

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How is a Trust’s Income Taxed?

Income earned by a trust can be either retained by the trust or it can be distributed to the trust’s beneficiaries.

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Bankruptcy and Trusts

The present economic downturn has thrown up the problem of what to do when a settlor and/or a trustee becomes bankrupt. This article looks at possible remedies for both situations.