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Family Trusts in New Zealand by Jonathan Cron
The definitive guide, written by Jonathan Cron, one of New Zealand’s leading experts on Family Trusts, brings together everything you need to know about setting up and running a Trust.
Clear and straightforward, it includes up-to-date advice and real-life examples that will help you understand how to make a Trust work for you and your family.
An introduction from the author
In writing this book, I looked at the various issues that I see daily in a professional capacity. My emphasis was not on informing people why they need a trust, but rather on educating people about trusts in New Zealand. As trusts have become more and more popular, there seems to be a real lack of education and professional advice, particularly in relation to the administrative requirements of the modern-day trust. It is these administrative requirements that we are seeing increasingly under the microscope.
I certainly believe that very shortly an absolute test will exist for trusts and this will be based on the accuracy of the administration and therefore the administrative compliance for trusts will become a catch phrase to defeat allegations of a sham trust or alter ego trust in New Zealand.
There are in excess of 200,000 trusts in New Zealand, and experts suggest that over 75% of these would be subject to a successful challenge, whether from the IRD or a court action. This certainly suggests to me that the actual administration of trusts has been neglected to such a degree that education is now an absolute necessity.
The sheer number of people who have been advised to manage their own trust without any support or guidance is staggering. This advice seems to stem from a control point of view, as many expect that having a professional independent trustee would impact on their ability to control their own assets. However, nothing could be further from the truth. A major issue must be considered: How can you possibly control something that you simply do not understand?
So, with this book, I am hoping to give you back control in the form of education. I gained a tremendous amount of enjoyment in writing this book, and am hopeful that you will have a similar experience in reading it.