Trust Deed Review – do I need one?

Got a trust? Most likely – it’s estimated there may be more one million trusts in New Zealand. This is the result of the trust formation industry that exploded in the 1980 and 1990 as people sought to avoid estate tax and superannuation charges. More were set up in the 2000s to avoid asset testing for residential care.
If you do have a trust, when was the last time you looked at the Trust Deed? Do you even know where the Trust Deed is?
Trust Deeds are living documents and it’s important they are regularly reviewed and updated. Changes in circumstance and legislation can impact existing Trust structures.
Consider the following and ask yourself if reflects your current objectives when you set up the Trust.
• To protect assets from creditors
• To preserve value for future generations.
• To protect your assets from relationship property or family claims
• ‘To protect your assets from the government
• To maximise any benefits you may be entitled to
• To facilitate the transfer to assets to beneficiaries on your death.
If you are unsure, you should consider getting a trust review of your existing Trust to ensure it reflects your current intentions in the most simplistic structure and is in accordance with current statutory requirements.

Given the proposed changes in legislation in regard administering trusts, we recommend all our clients with trusts have a regular GECA trust review. This ensures the Trust is delivering the required outcomes and is being administered correctly.

To find out more about GECA’s Trust Review service click here or call Giles now on 0800 758 766.