TrustGuard is a unique service which reviews the current situation of a Trust and makes recommendations to help ensure the Trust delivers on specified objectives.
This service is for those clients who have a Trust created. Where New Zealand Trustee Services is not a Trustee nor has New Zealand Trustee Services had any involvement with the administration of the Trust to date.
It is estimated that currently there are over 200,000 Trusts in New Zealand. Experts believe over 75% of these could be successfully challenged.
In general people settle Trusts to protect important family assets against loss through matters such as Business Risk, Legal Actions or Property Relationship Claims. If any of these risks were to eventuate they would most probably do so through a court action which may involve your Trust.
Equally if you apply for a Rest Home Subsidy your Trust records could be open to scrutiny by a Government body.
In circumstances such as this where your records came under close scrutiny it would be too late to fix any mistakes or lapses made by the Trustees. The last thing you would want is for your Trust to be overturned because you had left everything to your advisors, or you simply didn’t know what to do.
If a Trust is to be overturned it generally has nothing to do with the original Trust documents you signed and everything to do with what you did or didn’t do as a Trustee.
As a Trustee you have to know what is going on in your Trust and be seen to do so through keeping proper records.
The review that New Zealand Trustee Services Limited provides would be prepared by a Trust professional with over thirty years experience specialising in Trust Management.
A visual process guide to ensure the collection of all relevant information and documentation critical to the Trust review.
The TrustGuard process will result in specific recommendations for each client which are designed to assist them in the administration of their Trust. Based on the client’s documentation, recommendations may include;
A TrustGuard Review Form will normally run between 12 -15 pages. It contains an analysis of the initial Trust Deeds and the Assets and Liabilities that comprise your Trust. We will carefully examine the administration of the Trust as if we were a solicitor or IRD inspector acting in a legal action against your Trust. We will point out any areas where we believe the administration has been deficient. Finally, we will give you an estimate for the costs of resolving any issues identified by the review.
The TrustGuard Review Form enables a detailed review of the current situation of a Trust and makes recommendations to help the Trust develop and achieve specified objectives. It is designed to establish the process for creating a successful, legally compliant Trust and covers a range of topics including;
Information for Consideration
General Observations of the Trust Documents
Trust guard Checklist
Estimate of Costs