Publications > Trusts and Wills Articles
Law Commission Review Of The Law Of Trusts
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Abolition of Gift Duty and Your Trust
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Trust Overview
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Key Steps In Establishing An Asset Protection Programme Using A Family Trust
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Getting The Power Of Appointment Right
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Choosing The Right Trustee
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The Importance Of A Letter Of Wishes For A Discretionary Trust
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Inheritance Trusts
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Managing Your Trust – Trustees Must Act Jointly
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Trust Documents – What Do You Have To Disclose?
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Rights Of Beneficiaries
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Tax Residency And Tax Treatment Of Your Trust
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Trust Administration Checklist
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Distributions From Discretionary Trusts
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The Duties, Office And Powers Of A Trustee
Key Steps In Establishing An Asset Protection Programme Using A Family Trust
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
Fees will be charged in two or three interim amounts during the course of setting of the trust
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
18. Lodge necessary documentation with IRD
19. Obtain IRD number(s) (if applicable)
20. Obtain GST registration for appropriate Trust(s)
21. Open Trust bank account – client (if applicable)
22. If applicable:
- Complete Trustee Company Minutes
- File company office notices
23. Register documents with LINZ
24. Register documents with Share Registry
25. Register with insurance companies
26. Notify local authority of change of ownership
27. Draft Opening Minute
28. Second interim report to client
29. Complete Opening Minutes and arrange Minute Book
30. Review financial planning advice position
31. Forward documents to bank
32. Report completion to client and accountant
33. All original documentation, including agreements and valuations to Trust deeds packet
34. Open Trust administration file and record Trust details on Trust register