Trusts Overview

The History of Trusts

The history of trusts can be traced back to before the Norman Conquest of England in 1066. It was not uncommon in times of crusades that a land owner would transfer his land to a friend for safe keeping and for benefit of his family whilst he was away. Unfortunately, if the land was not returned to the original landowner upon his return from a crusade there was no legal recourse available to recover the land.

In the fourteenth and fifteenth centuries, development of the rules of equity were commenced by the Chancellor that allowed the former landowner or his family to enforce their rights.

Interestingly trusts were often used to avoid feudal dues upon death if no adult heir existed. King Henry VIII introduced what is one of the first examples of tax avoidance legislation, the Statute of Uses 1535, to combat the loss of revenue, however, by about 1650 a legal means of defeating the Statute was developed. This new means involved person A transferring the property in trust to person B for the use of person C.

Today person A is known as the settlor, person B the trustee and person C the beneficiary.

Person B becomes the legal owner of the property, but the equitable ownership belongs to person C . It is worthy to note that the settlor no longer has any ownership rights in the property.

Trusts in New Zealand

More and more Kiwi’s, are protecting their assets and their loved ones by setting up Family Trusts. It is estimated that there are between 300,000 and 500,000 trusts operating in New Zealand.

Essentially, a Family Trust allows you to transfer ownership of your assets while you are still alive, unlike a will which only comes into effect upon the death of the will maker.

Trusts have become a very important tool in asset planning, particularly as the complexities of business and relationships have evolved. Asset planning involves the identification of assets and future goals and then identifying threats to achieving those goals and implementing a device to mitigate or eliminate those threats from achieving the goals.

Planning ahead can offer greater control and privacy. A Trust is not just for the wealthy, a trust can be used by anyone wishing to plan ahead. A Trust can serve many purposes - from financing educational costs, providing maintenance to children, grandchildren or other relatives or simply planning to pass wealth through generations and specifying specific people that can benefit from that Trust.

Norrie & Daughters provides a range of trust services designed to help our clients with asset planning and establishing a trust.

See how Norrie & Daughters can help you to protect not only your material assets but the best interests of your loved ones as well.
Froming a Trusts in Auckland

Should you have a trust?

Trusts is not essential for everybody, see how Norrie & Daughters can advise you if a trust is suitable for your needs.

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Corporate Trusts Auckland

What is a Trust?

Learn about what a trust is and see how Norrie & Daughters can help you.

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Trusts Compliance Service Auckland

Trust Taxation

Trust taxation has a number of complexities and distribution issues See how Norrie & Daughters can help you.

Learn More About Trust Taxation
Wills services Auckland

What is Sham Trust?

Learn what trust busting and sham trusts are about and see how Norrie & Daughters can help you.

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The Benefits of Using Norrie & Daughters

Trusts Services Auckland

Getting it Right at the Beginning

  • We can assist by advising you on asset planning and helping you determine if a trust is suitable for your circumstances or not.
  • We can advise you on the tax and other statutory considerations that should be considered before a trust is established
  • We can prepare the required trust deed and facilitate the transfer of property into the trust.
  • We can provide an independent trustee.
  • We can help with trust administration and accounting, providing the rigour necessary to ensure the trust is not declared a sham trust.

Service

  • As a boutique accounting firm, Norrie & Daughters has a unique, holistic approach to how we deliver our services that allows us to provide a bespoke service to business owners, managers, individuals, and decision-makers in many industry sectors. We know that one size certainly does not fit all in New Zealand’s dynamic business landscape.
  • At Norrie & Daughters all of our team’s experiences and credentials blend to create a wealth of knowledge, understanding and personality. We work as a team to achieve our goal of providing our clients with an entrepreneurial style and practical approach to delivering what you require.
  • Our client-centered approach is instilled in every aspect of our own firm’s culture at every level, from directors to the administrative support staff.
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Contact Us Today and take advantage of the expertise and industry-specific knowledge that our team brings to the table.