With the introduction of the Trusts Act 2019, the word compliance now has real meaning. Therefore, for NZFTS to take on the role of Professional Trustee we must first ensure that the Trust documentation and subsequent administration has been robust, accurate and compliant.
In many instances, the administration will be deemed non-compliant under the new Trusts Act 2019. It is important to understand that this is not the fault of your retiring Trustee, the landscape as we have indicated, has changed and therefore, so have the requirements for administration.
When completing this FamilySecure process, the outcome is to ensure that your Trust moving forward, is compliant. This FamilySecure process will identify areas that need to be remedied under the new Act. Therefore, immediate measures can be introduced to address these areas.
We are here to work together with all Professional Advisers, our role is only as your Professional Trustee. We do not offer any other services that might otherwise compete with your Professional Advisers. If you are a Professional Adviser, please visit our Professional Adviser section for a copy of our ProfessionalSecure brochure.
This process looks in detail at the Trust Documentation, and if the documentation meets the requirements and objectives of the Settlors. It will look at the Trustees recording of decisions and will provide both your Professional Advisers and you with the secure knowledge that moving forward your Trust is compliant and will achieve all your objectives.
Information to be provided
- Why the Trust was created, i.e. the objectives of the Settlors, and the relevance to today’s changing landscape? Here we will look at who the Trustees presently are and who the Discretionary Beneficiaries are.
- A copy of the executed Trust Deed.
- A copy of all documentation executed when placing assets into the Trust.
- A copy of any and all valuations.
- A copy of the Financial Accounts for the Trust.
- A copy of any gifting that has been undertaken both prior to and subsequent from the Abolition of Gift Duty.
- What assets have been transferred subsequently to the Trust and the documentation to support this.
- All Trust Minutes from inception.
- A copy of your Memorandum of Wishes, Will’s and EPA’s.
- The Trust’s Minute Book.
- What assets are held outside of the Trust?
- What Life Insurance policies, including Trauma, TPD have been transferred into the names of the Trustees?
- Any Succession Planning tools that have been instigated such as Inheritance Trusts?
As you can see, we require essentially all documentation that has been created since the inception of your Trust.
If you have any questions or would like to discuss how we can help you and your family, please contact me at firstname.lastname@example.org