So you have been asked to be a trustee of a family trust. Sensibly before you agree to do this, you want to know exactly what the job entails.

This is not correct. In the fine print of the standard ADLS/REINZ Sale and Purchase Agreement there is a condition that gives purchasers 10 days from the date of signing the Sale and Purchase Agreement to give notice to the vendor of any title requisition. Until this requisition period has passed, the Agreement is not unconditional.

New Zealand communities are currently in the midst of one of the largest and most significant democratic processes in New Zealand - School Board of Trustee elections. 

In most common law jurisdictions it is possible to seek compensation from either the bully or the school for the harm suffered as a result of school bullying. 

Following the High Courts decision in this matter on 15 February New Zealanders are watching with interest to see whether the Overseas Investment Office (“OIO”) amends its recommendation to the Ministers that they consent to Milk NZ Holding Ltd purchasing the Crafar farms. 

Obviously the imminent abolition of gift duty has focussed peoples attention on trusts and whether a trust is something they should be considering. 

I think most of us would agree that when you have been in a relationship for a long time

When a business is in trouble there will inevitably be tension between the completing rights and interests of the various stakeholders. Directors are often either driven to seek to save the business or to extract money that they have put into the business .

When the Property (Relationships) Act was introduced in 2001 it was heralded by some as the start of a new era in family law.

Whether a trust will provide you with protection in this situation will depend largely on timing. A trust is an ideal structure to protect assets acquired before or in the early stages of a relationship.

The Inland Revenue Department is a significant stakeholder in any business. Many business owners forget this and frequently give the IRD low priority in respect of filing returns, making payments and communication.

When a business finds itself in trouble the immediate questions which arise are “can the business be saved?”, and from the owner’s perspective, “how much am I going to lose?”

Yes! As most people are aware, shareholders and directors may face personal liability for the actions of the company.

If you are a landlord and you are not up to date with the changes to the Residential Tenancies Act which came into effect from 1 October last year you should be.

So you’ve decided you need to complete powers of attorney. The most important decision you make will, of course, be who you appoint as your attorney or attorneys.

In simple terms a power of attorney is a formal written appointment of an agent by someone thereafter known as the donor.

When you become older and realise that your existing residential arrangements have become unsuitable moving may become necessary.

The power to appoint and remove trustees is commonly retained by the person who forms the family trust – the Settlor. There are good reasons for having such power. It can be used to control the trustees exercise of their discretion. If they do not perform the Trust according to the Settlor’s wishes the Settlor can remove the trustees without giving reasons.

There have been fundamental changes to the way financial services are provided as a result of the Financial Advisors Act 2008 and Financial Service Providers (Registration & Dispute Resolution) Act 2008, both of which will be fully in force by July 2011.

If you own a house, are short on cash, and are around 60 years old, banks will sometimes agree to lend you money and only expect repayment when certain things (for example your death or the sale of the property) happen. These are called “reverse mortgages”.

 Many people you know may have a family trust but is a trust right for you?