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13 Dec 2016

Newsletter | December 2016 | TrustGuard

Is your Trust working for you?

Does your Trust stand up to scrutiny? Our TrustGuard review can help
Does your Trust stand up to scrutiny? Our TrustGuard review can help

Kiwis love Trusts – in 2010 the Law Commission estimated that there was one Trust for every 18 people in New Zealand.

It’s no wonder Trusts are so popular as they are great asset protection tools when properly employed. However, it is thought that the majority of Trusts do not meet compliance standards and could be ineffective when called upon.

We want to remedy this situation. We have developed TrustGuard – a unique service which reviews the current operation of your Trust and makes recommendations to help make sure your Trust delivers on its objectives.

Could your Trust benefit from a review? Unless you can answer ‘yes’ to all of the following questions, it’s time for a check-up:

  1. Do you fully understand the content of your Trust Deed and the obligations it imposes on you (as a trustee)?
  2. Are you sure all the assets owned by the Trust are held in the names of the current trustees?
  3. Does your Trust have its own bank account?
  4. Are you sure all trustee decisions have been recorded correctly and reflect the documents executed?
  5. Do all the trustees meet at least annually?
  6. Do the trustees maintain an up-to-date minute book?
  7. Is your Memorandum of Wishes up to date and reflective of how you wish your Trust to be managed in the event you pass away or lose capacity?

Depending on the circumstances and the findings of the review, we offer a variety of solutions to bring your Trust up to standard. These could include taking over the administration or winding up the Trust and resettling the assets into a new Trust.

This service is available for any clients who already have a Trust where Perpetual Guardian is not a trustee and, aside from the establishment, has not been involved in the administration to date. If we set up a Flexi or Monitored Trust for you (where you have remained in full control as a private trustee), we really recommend you try a TrustGuard review to see if there are areas for improvement.

Email trustguard@pgtrust.co.nz for more information.

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Perpetual Guardian is a trading name of The New Zealand Guardian Trust Company Limited and Perpetual Trust Limited. For Authorised Financial Advisers, a disclosure statement is available upon request and free of charge.