Managing Your Trust: Is your Trust meeting your needs?
What you need to be aware of when Operating a Family Trust:
The operation of a Family Trust can be as complex or as straightforward as your needs and circumstances allow.
It is important to understand that existing legislation which permits generous benefits can be changed at any time by the Government. There is an increasing awareness that trusts have the potential to be challenged if not properly administered. Challenges to Trusts may come from the IRD, creditors or anyone else who has an interest in obtaining the assets of the Trust.
Harris Tate Lawyers help Trustees to:
- Regularly review Trust activities
- Ensure that proper records for a Trust's activities are in place
- Update Trust records
- Review investment and other strategies for the future
- Discuss any changes that may be appropriate to ensure that a Trust continues to meet your needs
- Note any changes in your family circumstances to ensure that all relevant factors are taken into account by the trustees in their decisions
Seek legal advice for the following Trust Management topics:
- Is your Trust integrated with your Will and debt forgiveness?
- Accelerating your gifting programme
- Sham Trusts
- Annual General Meetings a must
- Passing on the Power of Appointment
- Trust investment strategies
- Updating your Memorandum of Wishes as circumstances change
- Who should sign Sale & Purchase Agreements?
- Unanimous trustee decisions & trustee resolutions for all Trust decisions/activities/transactions
- Tax efficiency and Trust Deed flexibility
- Ability to resettle Trust
- Memorandum of Wishes
- What is in the future for Trusts?
- Changing Trustees and
- Trustee succession
Harris Tate Lawyers use an advanced and comprehensive Trust Management system which has helped many people living in: Tauranga; Mount Maunganui; Papamoa; Katikati and wider New Zealand locations.
Phone a Trust Specialist: Ross Harris, David Foster, Grant Harris, Alan Tate, Betty Crane, Lesley Monteiro, Katrina Hulsebosch
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