Expertise, Trust, Wills, Estates and Enduring Powers of Attorney

Key Steps In Establishing An Asset Protection Programme Using A Family Trust

20 Oct
  1. Objective of programme:
    • Endeavor to protect against:
      • relationship property/family protection claims
      • future re-introduction of estate duty or capital tax
      • unknown and unexpected creditors/preditors
    • Possible incidental benefits:
      • obtain tax benefits
      • charitable donations
  2. Identify beneficiaries
  3. Establish main points of Trust(s):
    • name of settlor(s)
    • names of trustee(s)
    • names of beneficiaries
    • name of Trust(s)
    • power of appointment
  4. Identify assets to be transferred/purchased
  5. Estimate likely fees and disbursements
  6. Prepare:
    • Trust Deed(s)
    • Letter(s) of Wishes
    • New Wills
    • Enduring Powers of Attorney (if applicable)
    • Powers of Attorney and Deeds of Delegation
  7. Have primary documentation signed
  8. Interim report to client
  9. Obtain valuation(s) of asset(s) to be transferred. For property we can obtain an updated valuation from quatable value or a current (less than six month old) government valuation or registered valuation is sufficient.
  10. Confirm receipts of valuation
  11. Search title(s) to any property/ies
  12. Check trust proposal with client’s accountant
  13. Obtain consent of mortgagees
  14. Prepare (if applicable):
    • Agreements(s) for Sale and Purchase
    • Matrimonial Property Agreement
    • Bank Mortgages
    • Mortgage to Settlors
    • Loan Contract
    • Transfer(s)
    • Acknowledgement(s) of Debt
    • Gift Statement(s)
    • Advance Directives
  15. Obtain independent advice where required for any party
  16. Have balance documentation signed17. Forward certificate to bank
  17. Lodge necessary documentation with IRD
  18. Obtain IRD number(s) (if applicable)
  19. Obtain GST registration for appropriate Trust(s)
  20. Open Trust bank account – client (if applicable)
  21. If applicable:
    • Complete Trustee Company Minutes
    • File company office notices
  22. Register documents with LINZ
  23. Register documents with Share Registry
  24. Register with insurance companies
  25. Notify local authority of change of ownership
  26. Draft Opening Minute
  27. Second interim report to client
  28. Complete Opening Minutes and arrange Minute Book
  29. Review financial planning advice position
  30. Forward documents to bank
  31. Report completion to client and accountant
  32. All original documentation, including agreements and valuations to Trust deeds packet
  33. Open Trust administration file and record Trust details on Trust register
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