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It is highly likely New Zealand will see Trust litigation occurring more and more frequently in future. It will therefore, in our opinion, be critical for each and every Trust in New Zealand to be able to demonstrate its existence and on-going professional management to minimise the risk of being accused of being a "Sham Trust", and to minimise any likelihood of the Trustees being held personally liable for a breach of their duties under the Trusts Act 2019.
Trust Management Programme
To best minimise the risks and in any event in the best interests of looking after your Trust's assets and the interests of the beneficiaries, we strongly suggest you instruct us to add you to our Trust Management Programme. This would mean that each and every year, we would arrange the following:
- Adherence to AML rules and compliance for the Trust as it relates to lawyers;
- Host an Annual General Meeting of the trustees of the Trust to discuss the Trust's position and formalise any resolutions required (or alternatively to prepare and arrange execution of an Annual Resolution of trustees);
- Correspondence with the Trust's accountant to confirm the details of any gifting completed, signing of financial statements, and provide legal statements as applicable for each financial year (so that the Trust's accounts properly reflect the legal transactions completed in the prior financial year);
- Provide copies of any Trust documentation to any parties as required (ie banks, mortgage brokers, agents etc);
- The on-going services of a unique professional trustee company if required;
Note these services do not include any transactional services, only Trust management and maintenance.
Unless the above matters are carried out on an annual basis, we believe there is a real and material risk of a future allegation of Trust mismanagement or similar.
Unless the above matters are carried out on an annual basis, we believe there is a real and material risk of a future allegation of Trust mismanagement or similar.
Fees
No taxable income
$669.70per annum
inc. GST
inc. GST
For Trusts which have no taxable income.
FEATURES
Adherence to AML rules and compliance for the Trust as it relates to lawyers;
Host an Annual General Meeting of the trustees of the Trust to discuss the Trust's position and formalise any resolutions required (or alternatively to prepare and arrange execution of an Annual Resolution of trustees);
Correspondence with the Trust's accountant to confirm the details of any gifting completed, signing of financial statements, and provide legal statements as applicable for each financial year (so that the Trust's accounts properly reflect the legal transactions completed in the prior financial year);
Provide copies of any Trust documentation to any parties as required (i.e. banks, mortgage brokers, agents etc);
The on-going services of a unique professional trustee company if required;
Taxable income
$899.70per annum
inc. GST
inc. GST
For Trusts which earn a taxable income.
FEATURES
Adherence to AML rules and compliance for the Trust as it relates to lawyers;
Host an Annual General Meeting of the trustees of the Trust to discuss the Trust's position and formalise any resolutions required (or alternatively to prepare and arrange execution of an Annual Resolution of trustees);
Correspondence with the Trust's accountant to confirm the details of any gifting completed, signing of financial statements, and provide legal statements as applicable for each financial year (so that the Trust's accounts properly reflect the legal transactions completed in the prior financial year);
Provide copies of any Trust documentation to any parties as required (i.e. banks, mortgage brokers, agents etc);
The on-going services of a unique professional trustee company if required;
(valid from 01.02.2025)
If you would like McVeagh Fleming to provide these services on an annual basis, please contact us (if you haven't already), and advise the preferred month of the year in which you would like your AGM to occur.
