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7 Trusts Articles

Section 182 - a possible trust busting tool

When going through a separation, trusts have often been viewed as "safe" bets to protect assets from being divided. However section 182 of the Family Proceedings Act gives the court significantly greater power to deal with property owned by a trust.

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Informal Wills

Under the Wills Act the Court has the ability to declare a Will valid even if it doesn’t meet all of the usual requirements. This can make it easier for some cases where a formal Will hasn’t been completed however this should never be relied upon to carry ...

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Trustees must be mentally fit for the job

Given the ageing population in New Zealand, it is not uncommon for a trustee to lose their mental capacity. Whether or not the power of removal or appointment of trustees can be exercised, this can be a difficult situation to rectify.

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Family trust law changes on the cards

The Law Commission has recommended that a new framework is needed to provide a clear and robust approach for New Zealand trusts in the 21st Century. The Commission is undertaking a three part review of trust law in New Zealand and presented the first report to Parliament on 11 September ...

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Trusts and the abolition of Gift Duty

The Government introduced legislation that abolished gift duty as from 1 October 2011. Frustrating gifting programmes of $27,000.00 per Settlor per year are no longer be necessary! Settlors can immediately forgive all the debt their family trust owes them by making one final gift and future transfers of ...

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