Trusts – The Administering of a Trust.

Administering a Trust

Quay Law Auckland lawyers and law firm for trusts formation and trustee support

Shared by the team at Auckland law firm – Quay Law NZ

Why do you need your trust to be properly administered and how do you do just that?

Once your trust has been established it is very important that it is administered correctly. Your trust was established with the objective of separating ownership of your family’s assets from you personally.

As Trustees you can go a long way to avoiding a successful sham Trust allegation being made out if you undertake an Annual General Meeting.

During this meeting a schedule of assets and liabilities of the Trust should be completely analysed.  The needs of the beneficiaries of the trust should be reviewed and should any maintenance be required on any of the Trust assets, these should be listed along with who will be instructed to carry out such a maintenance program.  But most importantly, this meeting should be minuted with a copy of the minutes dated and signed by all Trustees.  The trust should meet its income tax obligations such as filing a tax return if the trust receives any income

Who could bring about such a challenge?  Such a challenge could be made by a business creditor, relationship partner, the IRD or Work and Income New Zealand. If such a challenge is successful then the trust assets could be treated as your own personal assets and the benefits available through the trust structure will be lost.

To call Auckland law firm Quay Law to arrange your Annual General Meeting for your Trust or for general Trust and Family Trust advice. (09- 5232408)

The legal tips are provided by the Auckland lawyers and conveyancing specialists at Quay Law NZ. These law tips cover a range of legal topics and cover all legal matters from estate planning, to wills and estate administration, tax and IRD matters, residential and commercial conveyancing and property law, family trusts. social media law, leasehold properties, commercial leasing and much more. Although the law firm is situated in the Auckland suburb of Remuera  we are able to support clients overseas and across New Zealand.  

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