WARD FAMILY

Rotorua Morning Post, Volume 2, Issue 464, 23 February 1933, Page 5

WARD FAMILY

VPress. Assn.-

PETITION PARLT. contend excessive death duties placed . on estate plea for consideration

— By Telegi-aph — Copyriglit).

Wellington, Wednesday. The serious difficulties wbich have been encountered^by the beneficiaries under the will of the late Sir Joseph Ward as the result of the necessary payment of heavy death duties and the meeting of guarantees made to the Bank of New Zealand in respect of certain companies, are set- out in a lengthy petition presented to Parliament to-day on behalf of members of the family. An inquiry into the position of the estate is asked for, and it is urged that there should be a refund of the death duties which it is alleged, have been paid in excess. The beneficiaries are Sir Cyril Rupert Joseph Ward, of Christchurch, Vincent Aubrey Ward, of Wellington, Gladstone William Ward, of Christchurch, and Eileen Josephine Wood, nee Ward. The beneficiaries state that they and Awarua Patrick Ward are sons and daughter of tbe late Sir Joseph Ward, and are beneficiaries entitled under tbe provisions of his will to the estate devised and bequeathed by him. Heavy Death Duties The total death duties assessed and payable amounted to approximately £76,000, of whicb v£7, 515, or thereabouts, had been paid. Provision was made in the will for the following annual payments: Sir Cyril Ward, £12000; V. A. Ward, £800; G. W. Ward, £800; A. P. Ward, £800; Mrs. Wood, £1000. The petition then goes on to point out that certain investments under tbe estate have since deteriorated in value and two of the companies in which tbe late Sir Joseph Ward had invested money had now gone into liquidation. In one ease V. A. Ward has been called upon meet a bank guarantce. Service to Dominion While acting as Prime Minister, tlie petition stated, testator completely broke down in health due to overstrain, and as a result of devoting the whole of his life to the affairs of the Dominion. In 1932 the Public Trustee reviewed the estate and issued a memorandum in which he estimated the nett value of the estate after providing for guarantees, liabilities and payments of death duties at £69,375. With the amount of death duties added to that amount, the petitioners claim that the nett value of the estate prior to payments of death duties was £140,000, and that death duties payable on such estate would be approximately £36,000. The testators claim that they, not only paid to the State twice the sum for death duies that should reasonably have been paid, but were at present without income from their respective shares in the estate. Family Circumstances It- is claimed that Sir Cyril Ward has a family of six children and heavy committments. Mrs. Wood has two children and "is entirely without means except for her share in the estate. Mr. G. W. Ward has two children and owing to the depression is unemployed and entirely dependent on his share of the estate. V. A. Ward was a member of Parliament, but owing to liabilities which he had ineurred was compelled to resign and devote his whole time and attention to various companies, and assist the Public Trustee in administration of the estate, and A. P. Ward, by the liquidation of the Whippet Company, lost his employment and is dependent on his share of the estate. It is argued that the petitioners should receive at least a share of the death duties and they have asked that the whole position should he subject to inquiry.