New Zealand Trusts are generally settled to own family and/or business assets as part of a larger succession plan. The assets are transferred from personal ownership into the names of the trustees of the trust(s) for the benefit of identified beneficiaries. The trust deed records the rights powers and duties of the trustees including the duty to act honestly and in good faith for the benefit of the beneficiaries.
Our client’s circumstances are all different and therefore their reasons for settling a trust vary. The most common reasons for settling a trust are:
- To protect assets from personal creditors
- To ensure assets pass from generation to generation without the delays or challenges that can arise when assets pass pursuant to a will
- To protect assets from future spouses or partners upon a relationship breakup. This can be your own or your children’s.
- To protect assets after you die from future spouses or partners of your widow or widower
- To protect the interests of special needs children
- To protect the interests and expectations of blended families
- To manage assets for a charitable purpose
We work hard to build a relationship with our clients and to understand their affairs. We pride ourselves on structuring trusts that meet our clients’ requirements and ongoing needs.
Please feel free to contact Peter O’Dea, partner of Helmore Ayers Lawyers for a no-obligation chat about how this relates to you on 03 366 5086 or use the contact form below.