Trusts Law: Update and Insights
WEB213NZA23: If you work with trusts this is a must attend event. You will condition your skills to expertly tackle the more complex, difficult and at times unpleasant situations that can arise when working with a trust, including wind-ups, trustee liability, Memorandum of Wishes, and Tax. Receive expert insights from legal experts who work closely with trusts to ensure you are equipped to identify red flags and ready to tackle any trust issue that arises in your practice.
Description
Attend and earn 4 CPD hours
Chair: Tammy McLeod, Managing Director, Davenports Law
1.15pm to 1.25pm Opening Comments from the Chair
1.25pm to 2.10pm Being a Trustee in Today’s Difficult Climate
Understand the extra care trustees should be taking in difficult economic times and the increased scrutiny on trustees when there are difficult economic and health situations.
- Looking at steps trustees should be taking if beneficiaries are suffering hardship as a result of the global situation
- Any practical issues or matters that have arisen during lockdowns
Presented by Bethan Read, Senior Associate, Morris Legal; Materials prepared by Sally Morris, Partner, and Bethan Read, Senior Associate, Morris Legal
2.15pm to 3.00pm Trust Wind Ups in the New World
There was a rush of wind-ups prior to the new Trust Act 2019 coming into force. But they still need to happen post commencement, and it is important that you know what the new landscape looks like and how to navigate it.
- What is the new risk appetite?
- What has changed
- What hasn’t
- Best practice
- Pitfalls
This practically based session will be brought to life with case studies and real life examples of what (and what not) to do in this space.
Presented by Theresa Donnelly, Legal Services Manager Perpetual Guardian
3.05pm to 3.50pm Trustee Liability, Exemption Clauses and Indemnities
- Understanding trustee liability and the extent to which exemptions and indemnities will be permitted
- Examining whether existing exemptions and indemnities will be valid
- Considering the duties of advisers in respect of liability limitation
Presented by Carmel Walsh, Barrister, Bankside Chambers
3.50pm to 4.05pm Break
4.05pm to 4.50pm Taxing Trusts: Where to from Here? Practical Tips and Traps
- Understanding our system
- Recent and future developments
Presented by Tim Stewart, Special Counsel, Mayne Wetherell
4.55pm to 5.30pm Memoranda of Wishes for Trusts
Examine the extent to which changes in wishes made over time should be respected or disregarded, and the extent to which wishes may nullify a Trust.
Presented by Anthony Grant, Barrister
Learning Objectives:
- Be updated on trustee duties in response to a health and economic crisis
- Consider best practice for winding up trusts
- Reflect on liability, exemption clauses and indemnities
- Ensure you are up to date on the latest tax issues affecting trusts
- Gain practical insights regarding a Memoranda of Wishes for trusts
Presenters
Tammy McLeod, Managing Director, Davenports Law
Tammy is the Managing Director at Davenports Law and a trust and asset structuring specialist with over 20 years legal experience specialising in the areas of personal asset planning, trust law and Property (Relationships) Act. Tammy leads the Davenports Trust Team and, before joining Davenports in 2004, was a senior solicitor in a boutique trust practice. She is only one of a handful of lawyers nationally who specialise solely in the area of trusts and asset planning, and is one of the leading lawyers in her field. Tammy is a past president of the Auckland Woman Lawyers’ Association and immediate past vice-president of the North Harbour Club, a charitable organisation on the North Shore.
Sally Morris, Partner, Morris Legal
Sally is the founding partner of Morris Legal. Sally is admitted as a barrister and solicitor in New Zealand, New South Wales and New York and has a master of laws degree from Columbia University in New York. Sally has been published in the New Zealand Law Journal and the International STEP Journal with articles relating to the role of charities in estate disputes and the application of the Wills Act by the High Court. Sally was recognised in the 2016 NZ Lawyer 2016 Hotlist as "one to watch" and was a finalist for the Young Private Practice Lawyer of the Year at the 2016 New Zealand Law Awards. Sally was recently awarded Trust and Estate Litigation Lawyer of the Year in the Finance Monthly Law Awards 2017. Sally is a STEP Affiliate Member and has recently completed the STEP Advanced Diploma in Trusts and Estates.
Bethan Read, Senior Associate, Morris Legal
Bethan is a senior associate at Morris Legal and leads the firm's advisory team. Bethan is qualified in both New Zealand and England and Wales. Bethan specialises in non-contentious private client advisory services and has extensive experience in estate planning and asset protection solutions including trust structures, wills, enduring powers of attorney and all other private client services. Bethan began her career at top tier firms in the Channel Islands and London, where she gained high-level experience in private client advisory matters. More recently, Bethan was a director and head of the trust’s legal team and director of an international trust company based in New Zealand and subsequently worked for a national New Zealand law firm, providing her with invaluable insight on the needs of both clients and trustees. Bethan is an affiliate member of STEP and holds a STEP Advanced Certificate in Trust Disputes.
Theresa Donnelly, Legal Services Manager Perpetual Guardian
Theresa graduated from Auckland University in 1992 and has over 27 years’ experience in private practice, government and in-house Legal. Theresa is currently the Legal Services Manager at Perpetual Guardian, and is a recognised Elder Law expert. Theresa is formerly from Public Trust (Team Leader) and the Ministry of Social Development, where she was lead Senior in their Public Law Team responsible for advice in relation to Older People’s Policy and the Office of Senior Citizens. She is a regular presenter and speaker for professional groups such as Legalwise, NZLS/CLE, ADLS, STEPS, CCH and other professional organisations.
Carmel Walsh, Barrister, Bankside Chambers
Carmel has over 25 years’ experience as a litigator in New Zealand, Hong Kong, and England. She was admitted as a barrister and solicitor in New Zealand in 1993; and a solicitor and solicitor advocate (Higher Courts Civil) in London in 2000/2001. She holds both a New Zealand and English practising certificate. Carmel is a former contributing author to Informa’s Reinsurance Practice and the Law, and a former secretary and editor of the Negligence and Damages committee of the International Bar Association. Since returning to New Zealand Carmel has specialised in property litigation, equity and trusts, estates litigation and relationship property, particularly where complex issues arise requiring expert forensic accounting evidence. Carmel sits on the board of the New Zealand Symphony Orchestra, NZTrio and the New Zealand Opera School.
Tim Stewart, Special Counsel, Mayne Wetherell
Tim advises on New Zealand tax and trust law issues. His tax practice focuses on financing transactions, and customs and excise issues. Tim also advises high net worth individuals and family trusts on tax and associated trust issues, as well as on the tax consequences of individuals migrating to New Zealand. Tim's clients have included Westpac, Bank of New Zealand, and ExxonMobil. His experience includes advising on transactions, obtaining binding rulings from Inland Revenue and representing clients in tax audits, disputes and litigation. Tim began his career with Russell McVeagh in 2004 and returned to the firm in 2012 after studying in Germany and working as an associate in the business and trust law team at Ogier in Guernsey.
Anthony Grant, Barrister
Anthony is a highly experienced civil litigator. He regularly advises and appears in the senior Courts on issues involving Trusts and Estates. He writes and speaks extensively on these topics and he also has a wide knowledge of international Trust and Estate law. His practice is based in Auckland.