Under what circumstances should you form a Trust

Under what circumstances should you form a Trust

There are a number of circumstances under which you should consider forming a trust. Some of the common purposes of a trust, and the structures utilised, will be discussed in this article. A trust is managed by trustees who are appointed by the creator of the trust (called the settlor(s)). Trustees manage the assets and debts of the trust for the beneficiaries specified by the settlor(s).

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Different way titles are held – Crosslease, fee simple, stratum in freehold, leasehold

Different way titles are held – Crosslease, fee simple, stratum in freehold, leasehold

A title is a way to record the land and properties information, such as lot numbers, how big the section is, whether there are any covenants, easements or caveats registered against the title etc. There are several ways that titles can be held for land. Please note that the types of titles include, but are not limited to crosslease, fee simple, stratum in freehold, stratum in leasehold, and leasehold.

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How to give a tenant notice and what to do if a tenant misses their rent

How to give a tenant notice and what to do if a tenant misses their rent

There are two types of tenancy agreements which a landlord and tenant can enter into: periodic or fixed term tenancy. Both have different notice periods required. Unpaid and late payment of rent is a breach of the tenancy agreement and the Residential Tenancies Act. It is always best to first contact the tenant, and notify them that a rent payment has been missed.

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Rural Leases

Rural Leases

A rural lease is a legally binding document which governs the relationship between the landlord and the tenant for the use of rural land. Often rural leases are entered into as a gentleman’s agreement with a handshake to seal the deal. This works fine until something goes wrong and/or there is a disagreement between the landlord and the tenant. It is always best to discuss and put in place a written lease when both parties are on good terms rather than in the middle of a dispute.

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Relationship Property

Relationship Property

The division of relationship property is regulated by the Property (Relationship) Act, the intention of which is to recognise fair division of the relationship property at the end of a relationship. There is a presumption of equal 50/50 division, unless this can be disputed or there are certain mitigating factors. Factors such as the length of the relationship, any dependent children and economic advantage and disadvantage may be considered.

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What happens when a person dies without a will

What happens when a person dies without a will

When someone in New Zealand dies without a will, dealing with their estate is more complicated than if they had died with one. Dying without a will is called “dying intestate”.

When you have made a valid will, in it you decide who will deal with your estate and how your assets will be distributed. If you die without a will, the Administration Act 1969 (“the Act”) is applied to determine who is entitled to be named as the Administrator of the deceased’s estate.

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Major transactions – your obligations as a director

Major transactions – your obligations as a director

A general principle of the Companies Act 1993 (the Act) is that the board of directors is appointed to manage and control the day-to-day operations of a company without having direct interference or oversight by shareholders (the owners of a company). However, some decisions may substantially change the nature or direction of a company and accordingly, the shareholders are required to approve these decisions. These substantial decisions are known as major transactions.

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What the fence?

What the fence?

Under the Fencing Act 1978, if a property owner chooses to build a new fence or refurbish an existing fence, the neighbouring property is expected to contribute 50% of the total price. The proposed fence must be “adequate” to reasonably satisfy its purpose. The neighbour is not expected to contribute 50% of the cost, if the current or proposed fence is more than adequate to serve its purpose.

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Terms of trade

Terms of trade

Time and time again, we are approached by disgruntled business owners and dissatisfied customers to help resolve disputes arising from deals made on the basis of informal arrangements. The law certainly assists in defining and clarifying certain aspects of the contractual relationship between parties. The starting point is usually a consideration of what the parties intended and agreed on at the time the goods and/or services were purchased. The intention of the parties is undoubtedly easier to determine with clear written evidence.

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