Charity misses out in Hubbard's will
Jean Hubbard is the sole beneficiary of her late husband Allan's will, with charity missing out on any of his residual estate.
Hubbard's earlier wills allowed for any money left over in his estate to go to charity, however his last will did not. His estate is being contested by investors and statutory managers.
The Timaru Herald obtained a copy of his will which was signed off on November 10, 2010, eight months before he died on September 2, 2011, from the Timaru District Court.
The Hubbards, their company Aorangi Securities and Hubbard Management Funds (HMF), along with seven charitable trusts, were placed into statutory management by the Government on June 20, 2010.
An SFO investigation was launched the following day and in June last year 50 fraud charges were laid against Mr Hubbard by the SFO. They were dropped after he was killed in a head-on collision north of Oamaru in September.
The two-page will directed the remainder of his estate is to go to Jean Hubbard but this was subject to any ''memorandum of wishes I may leave as to the disposal of any part of my residual estate.''
Timaru lawyer Edgar Bradley who prepared the will, said at the time of Hubbard's death there was no memorandum of wishes.
''There was no memorandum in the end. He had made one with a previous will but this was no longer in place.''
He said it would be a long time before the value of Mr Hubbard's estate was known, with a number of entities contesting it.
''If there is any residuary it won't be known for a long time.''
The book 'Allan Hubbard, A Man Out Of Time', written by Virginia Green and released in November 2010, recorded Hubbard's original wishes for his money to go to family and charity.
''By 2007 Allan planned to cash out, take care of his children and leave the rest to a still-to-be decided charity. He'd die with his wealth already distributed," the book said.
The will directed his Volkswagen be given to the Fairlie Transport Museum and he gifted any outstanding loan to Maungati farmers Stuart and Margaret Holland.
Nelson company director Brian McDonald, former chief executive of Helicopters NZ, was also gifted any outstanding loan balance owed to the Hubbards. McDonald was unaware of any loans.
If Jean Hubbard had died before Allan, the will appointed daughters Christine Anne McMillan Hubbard and Eleanor Joan Denton executors as trustees in her place.
''If my wife dies before me transfer the residue equally to my daughters living at my death.''
Garry Bungard who managed an Ashburton farm on Grayburn Rd was to be given the farm as long as he worked there until May 2018.
- © Fairfax NZ News