When your spouse or partner dies, as surviving spouse you can choose to inherit your relationship property according to the provisions of the Property (Relationships) Act 1976 (Option A), or to inherit according to the provisions of your partner's Will or intestacy (Option B). Many factors will determine which option you choose, the financial implications of each choice being the main factor.
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One of the most important duties of a trustee is to act totally in the interests of the trust beneficiaries. Divided loyalties or a conflict of interest can be enough for a trustee to be removed. A recent decision, Wilson v Pedersen, shows the difficulties that can be caused when a trustee will not acknowledge this.
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Under the Family Protection Act 1955 (FPA), parents have a moral duty to provide in their Wills for their children's maintenance and support. Provision need not be direct; in some circumstances support can be made through a trust as a recent family court decision shows.
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ABOLITION OF GIFT DUTY FROM 1 OCTOBER OPENS A WORLD OF POSSIBILITIES OR DOES IT?
For centuries trusts have been used as a means to protect a family's assets against business risk, relationship breakdowns or other possible events. People also use a trust to ring-fence funds for, say, a grandchild's education, to support a family member with a disability or for other similar positive reasons. For over 100 years the way trusts are set up in New Zealand has been constrained by tax law. Abolition of that tax (gift duty) means a re-think of the role of a trust, how a trust is used and what implications there may be for you, your family and also your trust.

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It is common knowledge that the government is to abolish gift duty from 1 October 2011. The legislation will be amended to record that no gift duty is payable under the Estate & Gift Duties Act 1968 in relation to a gift made on or after 1 October 2011.  However, before you engage in a frenzy of gifting in October, there are a number of factors which you should take into account.
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