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Trust formation & maintenance
This range of New Zealand Trust Deed documents provide for the setting up of a family trust or company trust along with many other administration documentation required.
What is a Trust? A trust is the legal relationship created when a person (the "settlor") places assets under the control of a person (the "trustee") for the benefit of some other person or people (the "beneficiaries") or for a specified purpose.
The assets transferred to the trustees become their property, but they hold the assets on trust for the beneficiaries. The trustees are therefore the nominal owners of the property, but they have a legal obligation to deal with the property in the manner set out in the trust deed.Often there is more than one trustee. There may also be more than one settlor of a trust.
A trust must have the following essential elements:
- a settlor (the person who creates the trust)
- the assets to put into the trust
- a trust deed (the legal document setting up the trust)
- one or more trustees (those in charge of administering the trust)
- beneficiaries
The below documents allow you to manage your own legal matters in a cost effective manner. Guideline & notes are provided. Also see the HowTo article 'How to understand trusts' & 'How to set up a family trust'.
A New Zealand Family Trust Deed suitable for use if you wish to setup a Trust on your own.
What is a Family Trust?
A family trust is a specific type of trust, and the same considerations that apply to trusts in general apply to family trusts. The beneficiaries of a family trust are usually spouses, children and grandchildren.
You will need to decide the assets to be put into the trust, and to place a value on them. The ownership of the assets is then transferred to the trust and the trust incurs a debt to you, the settlor. This debt can then later be "forgiven".
A family trust arrangement might typically work like this:
- The settlor makes an opening cash gift.
- The settlor sells assets to the trust, with the trust incurring a debt to the settlor for the purchase price.
- The settlor forgives this debt in under a "gifting programme".
- The trust assets (for example, the family home) are leased to the settlor, who pays rent for them to the trust.
This Trust Deed document allows you to manage your own legal matters in a cost effective manner. Guideline & notes are provided.
A New Zealand Family Trust Deed suitable for use if you wish to setup a Trust as a couple.
What is a Family Trust?
A family trust is a specific type of trust, and the same considerations that apply to trusts in general apply to family trusts. The beneficiaries of a family trust are usually spouses, children and grandchildren.
You will need to decide the assets to be put into the trust, and to place a value on them. The ownership of the assets is then transferred to the trust and the trust incurs a debt to you, the settlor. This debt can then later be "forgiven".
A family trust arrangement might typically work like this:
- The settlor makes an opening cash gift.
- The settlor sells assets to the trust, with the trust incurring a debt to the settlor for the purchase price.
- The settlor forgives this debt in under a "gifting programme".
- The trust assets (for example, the family home) are leased to the settlor, who pays rent for them to the trust.
This Trust Deed document allows you to manage your own legal matters in a cost effective manner. Guideline & notes are provided.
This document records changes to the Trustees of your New Zealand Family Trust. You can use this document if a Trustee is retiring and another Trustee is being appointed in their place.
The trustees are the people who are responsible for administering the trust. They must make sure that the wishes of the settlor (as set out in the trust deed) are carried out.
The position of trustee is an extremely important one, as trustees are in a "fiduciary" relationship with the trust's beneficiaries. This means that they are in a special position of trust and accordingly have a number of significant duties. If you are a trustee, it is vital that you familiarise yourself with those duties, as you can be liable for "breach of trust" if you do not fulfil them.
A declaration by a person who has purchased a New Zealand property on someone else's behalf to acknowledge that the other person is the true beneficial owner of the property.
Use this document where a New Zealand Family Trust has lent money to a beneficiary and wants to record the terms of the loan.
If you are setting up a New Zealand Family Trust, it is a good idea to fill in a Memorandum of Guidance for the Trustees of your Trust.
A declaration that the New Zealand bank account is held on trust for a named person for some purpose.
The Trustee(s) have a responsibility to keep clear and accurate records of their decisions and actions. Complies with relevant New Zealand legislation.
Deed of gift
50.00The most common way for people to put assets into their Family Trust is to "gift" the assets to their Trust. Complies with relevant New Zealand legislation.
Use this document where a New Zealand Family Trust owes a debt to an individual.
The trustees are the people who are responsible for administering the trust. They must make sure that the wishes of the settlor (as set out in the trust deed) are carried out.
The position of trustee is an extremely important one, as trustees are in a "fiduciary" relationship with the trust's beneficiaries. This means that they are in a special position of trust and accordingly have a number of significant duties. If you are a trustee, it is vital that you familiarise yourself with those duties, as you can be liable for "breach of trust" if you do not fulfil them.
This Deed allows for the appointment of a new trustee of a New Zealand Trust.Guideline & notes are provided.
A short form declaration by a trustee that specified property or funds are held by that person for the benefit of a named beneficiary to be used for that beneficiary in the Trustee's discretion until a set date. Complies with relevant New Zealand legislation.
A very short form deed acknowledging that shares are held on trust for another and promising to transfer them to that person at their later request. Complies with relevant New Zealand legislation.
This pack contains opening minutes for Trustees of a New Zealand Family Trust, an agenda and minutes for the annual meeting of Trustees, and a resolution for purchasing assets from settlors or from third parties.
A very short form deed acknowledging that a New Zealand property is held on trust for another and promising to transfer it to that person at their later request.
A declaration for a person to enter into a sale and purchase agreement to purchase a New Zealand property on someone else's behalf.
A Deed that provides for the retirement of a trustee of a New Zealand Trust with an indemnity from and the consent of the continuing trustees.
A document that gives simple notice of the retirement of a trustee of a New Zealand Trust by way of a deed executed only by the retiring trustee.
A Deed that provides for the removal of a trustee of a New Zealand Trust by the person or persons who have that power under the trust deed, with the consent of the continuing trustees.
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