Trustees Executors Private Wealth provides a one team approach, a total wealth management service where you can get everything sorted in one place.
Trustees Executors Private Wealth provides a one team approach, a total wealth management service where you can get everything sorted in one place.
Find out how Trustees Executors can help you, whether you are looking for funding from one of the charitable trusts we administer, or are looking to establish a legacy of your own.
We all want a secure financial future for ourselves and those we care about and where you turn for advice is one of the most important decisions you’ll make. Trustees Executors Private Wealth provides a one team approach, a total wealth management service where you can get everything sorted in one place.
Knowing you have taken the right steps to ensure your loved ones are cared for after you're gone is what estate planning is all about.
Talk with one of our Private Wealth experts who will work alongside you to help you make the most of our services.
There are many ways to grow and protect your wealth, and our skill is to help you understand your choices and create and implement a personal wealth strategy to suit your needs. It all starts with a plan.
We are uniquely placed in the market as the only provider of fund administration, corporate trustee and wealth services in New Zealand.
We are uniquely placed in the market as the only provider of fund administration, corporate trustee and wealth services in New Zealand.
We are uniquely placed in the market as the only provider of fund administration, corporate trustee and wealth services in New Zealand.
Expertise you need, service you deserve. As your trusted and independent licensed supervisor, we deliver our regulatory leadership through collaborative partnerships that protect the interests of your investors.
For more than 25-years we have been leading providers of custody, investment accounting and unit pricing services to the managed fund industry.
For more than 25-years we have been leading providers of custody, investment accounting and unit pricing services to the managed fund industry.
Feb 17, 2021
The long-awaited Trusts Act 2019 (“Trusts Act”) came into force on 30 January 2021 and is the most significant change to trust law in over 60 years.
The Trusts Act is set to modernise trust law and gives more transparency to beneficiaries whilst promoting trustee compliance and accountability.
The most significant changes include:
An obligation to disclose information to beneficiaries: The Trusts Act outlines what information trustees are obliged to give to beneficiaries, with some exceptions
Mandatory and default duties: The Trusts Act imposes mandatory and default duties on trustees, such as:
Record retention requirements: The Trusts Act prescribes information that trustees must keep, such as:
Trust Duration: The Trusts Act now extends the maximum duration of a trust to 125 years.
What does the Trusts Act 2019 mean for a Trustee?
Trusts will now require more regular maintenance going forward with an increase in obligations on trustees as they spend more time ensuring those obligations are met.
All assets of a trust will need to be considered regularly by the trustees (and any settlors or advisory trustees) to ensure they are appropriate to meet the objectives of the trust. Beside the time and effort invested in coordinating these regular meetings, trustees will need to advise any associated professionals on decisions made at these events and ensure that any necessary actions are taken.
Once that’s done, they’ll need to maintain appropriate records which may be requested by interested parties, including all beneficiaries, at any time. This process is time consuming and can be a burden for those trustees who are not professionals or inexperienced with trust law.
What does the Trusts Act 2019 mean for a Settlor (those who established the trust)?
As trustees will need to spend more time complying with their obligations and maintaining records, it is likely the trust’s legal and accounting costs will increase. For a trust settlor, now is the time to consider the future of a trust and to ensure the reasons for setting up a trust are still relevant.
What does the Trusts Act 2019 mean for a Beneficiary?
As trustees will be required to disclose some trust information to all beneficiaries, including the fact that they are beneficiaries, you will be notified of the existence of any trust that you are a beneficiary of.
There has also been a change to the age of majority (the age that a person can inherit) from 20 years to 18 years.
Beneficiaries also have the right to request other information of the trust such as a copy of the trust deed and trust’s financial statements. However, there are certain circumstances where information can be withheld such as if it is commercially sensitive or personal in nature.
Why have a Trust?
Despite the increased costs of compliance and greater transparency of trusts, they still play an important role for estate planning purposes.
For example:
Next Steps
We have been preparing for the Trusts Act 2019 to ensure compliance with the new regulations and helping our clients understand this significant piece legislation.
If you are the trustee of a trust worried about the implications of the Trusts Act 2019, or thinking about whether a trust is right for your circumstances, we recommend talking with one of our Trust specialists.
Trustees Executors Limited was established in 1881 and is New Zealand’s first Trustee Company.
We provide a full range of financial and trust solutions to individuals, families and the corporate sector, including estate planning, trustee and investment advisory services.
We are a Licensed Financial Markets Supervisor and a leading provider of specialist Corporate Trustee and back-office fund administration services to some of New Zealand’s largest financial institutions, banks and fund managers.
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