New Zealand’s estate administration rules have recently been updated, making it easier in some situations for families to wind up a loved one’s affairs without applying for probate. These changes aim to reduce unnecessary time and cost for smaller or straightforward estates, while keeping important safeguards in place for more complex matters. WHAT HAS CHANGED?
Recent changes to New Zealand’s Anti-Money Laundering and Countering Financing of Terrorism Act (AML/CFT) have eased compliance requirements for family trusts, particularly when selling property. The reforms, in force from June 2025, respond to long-standing criticism that the old rules placed too much burden on low-risk transactions. What Has Changed Previously, whenever a trust was
We often hear a sigh of relief when a client signs their Will. The assumption of course is “Ok great – that’s over and done with”. No need to think about it again. Unfortunately, that is just not the case. A Will is not something to write and forget. It should be reviewed regularly, especially
The Supreme Court’s recent decision in Cooper v Pinney [2024] NZSC 181 (“Cooper”) has clarified the extent to which trust powers may be considered relationship property under the Property (Relationships) Act 1976 (PRA), refining the scope of its earlier landmark ruling in Clayton v Clayton [2016] NZSC 29 (“Clayton”). THE DIFFERENCES BETWEEN CLAYTON AND COOPER
The Trusts Act 2019 outlines two types of trustee duties: compulsory and default. It’s essential for trustees and beneficiaries to understand these responsibilities to ensure the trust functions as intended and complies with the law. COMPULSORY DUTIES The mandatory duties, which cannot be changed or excluded, are foundational to trust management. They ensure that trustees:
The death of a partner or spouse is an emotionally challenging time, often compounded by the practical difficulties of managing finances and paying for expenses. Understanding how joint accounts work and the requirements of obtaining probate can help streamline financial matters during such times. In running a busy Estates practice, we often see things happening
If you are a client, it is likely that you will have heard from us about why you should have a Will. Sometimes changes to your life or family circumstances require a revision to the Will and this can be overlooked. It is not at all surprising that this can happen as the types of
The Government announced a proposed increase of the trustee tax rate (from 33% to 39%) in Budget 2023. This change, due to take effect from 1 April 2024, would set the rate at which trustee income is taxed at the same as the top individual tax rate. The intention here is to prevent taxpayers from
Paul Gallagher Legal providing legal services on the North Shore and across wider Auckland area.
We close for Xmas at 5pm 19th December and reopen on 19th January with some staff back 12th January.
Compliments of the season to you also and we hope you enjoy a relaxing break.