Dan operates a large dairy farm owned by his family trust. The trust was established by Dan’s grandfather. The trustees of the trust are Dan’s parents. Dan is a beneficiary of the trust and an only child. Dan grew up on the farm and always intended to work the farm when he had finished his […]
It is an often quoted fact that New Zealand has the highest number of trusts per capita in the world. Family trusts will typically have some family members as trustees and other family members as beneficiaries of the trust. Unfortunately, this often means that disputes about how the Trust assets are being dealt with means […]
So you’ve made a Will and you’re feeling organised. You put a copy of your Will into a drawer or folder with other personal papers and you move on. However, your Will needs to be reviewed if your circumstances change. Many people don’t realise that your Will is invalid if you marry after making it, […]
We are often asked whether it is worthwhile having a trust. Whether a trust will be of use to you will depend very much on your own personal circumstances and what you want to achieve. However, a recent court decision is a good illustration of when a trust could have prevented a challenge to a […]
The use of family trusts is widespread in New Zealand. There are a number of reasons for forming a trust. Trusts are often used as a method of protecting assets from a variety of different risks, including a relationship property claim. The Supreme Court has very recently released its decision in the Clayton v Clayton […]
Is your Beach House rented on a short-term basis? Does the entity that owns your Beach House file GST returns? If you answered yes to both those questions, then you need to know about recent changes. The definition of “commercial rental property” has recently changed. The change means that a Beach House (rented for part […]
Most people are now familiar with the Property (Relationships) Act (“the Act”) and the equal sharing of relationship property when a marriage or de facto relationship of more than three years ends. The Act defines relationship property and separate property, and provides for the division of relationship property on separation. That is commonly understood. What […]
A recent Court of Appeal decision could have widespread implications for many Trusts in New Zealand. Mr and Mrs Clayton were married for 17 years and separated in 2006. During their marriage the saw milling and timber processing businesses operated by entities controlled by Mr Clayton grew, and at the time of separation were of […]
With the New Year well underway and children back to school, now is the perfect time to review your personal documents. Why not make 2015 the year that you’re going to get organised. Don’t leave your estate planning until it’s too late! It shouldn’t take more than an hour to read and review your legal […]
‘Losing your marbles’ is often joked about, but the stress and cost to your family if you do not organise your affairs in advance, is no joking matter. On a weekly basis I receive a phone call from a family member wanting to “get Enduring Powers of Attorney” to act for a relative who has […]
