Make sure you have a Will and EPAs
You work hard to build up your assets over your lifetime, so you should decide what happens to them if you become incapacitated and when you die. If you own property, having a Will and Enduring Powers of Attorney (EPAs) will ensure all your affairs are in order and make things easier for your family and business colleagues. Read more…
... By former spouses and partners.
Trustees need to be cautious
Trusts can sometimes be used to protect assets from future claims by a former spouse or de facto partner. However, lawyers and the courts are continuing to find ways around trusts in order to achieve what they see as justice. Recent decisions indicate why trustees need to be cautious. Read more…
A frustration for trustees
The extent of a trustee's obligation to provide information to beneficiaries has been a continuing source of frustration for trustees, particularly those whose discretionary decisions may be challenged. Recently the Court of Appeal clarified the nature and extent of this obligation, and the beneficiary's corresponding rights. Read more…
In the past we have covered the issue of personal liability for trustees and the dangers facing independent or professional trustees who have little day-to-day involvement in the running of their trust.
We have pointed out that the argument that liability shouldn't attach to them, as they are only there as an independent trustee, does not wash with the courts: liability under the health and safety and tax legislation, or the Resource Management Act 1991 is an issue. Read more…
Could be the best option for you
With the growth of multiple relationships and blended families many couples are having to consider ways to ringfence assets and protect inheritances. One option is to establish parallel trusts – so you each have your own trust for your share of the assets
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