What is a Trust?

Trust services Auckland

A trust is very difficult to define, it is much easier to describe the essential elements that create a trust.

Using as an example, a typical family trust. The settlors of the trust Jack & Jill transfer the family home to 2 trustees Bill and Ben on trust for Jack, Jill, Mary and Simon.

Bill and Ben will on transfer have legal ownership of the family home however Jack, Jill, Mary and Simon will have equitable or beneficial ownership in the family home.

The effect of the transaction is the creation of an equitable obligation on Bill and Ben as the trustees to deal in the family home for the benefit of the beneficiaries, Jack, Jill, Mary and Simon provided the dealings are legal.

Most family trusts are what is called an “express trust”, this is where the settlor(s) have expressed their intention to create a trust. Mostly, a Deed of Trust is used to ensure that the settlor(s) intention to create a trust is unequivocally expressed and to record the names of the settlor(s), trustees and beneficiaries, direct how the trust is to be administered and the objects of the trust. The property to be settled on the trust is then transferred.

The Benefits of Using Norrie & Daughters

Trusts Services New Zealand

Experience

  • We can help you by preparing your Trust Deed and Memorandum of Wishes.
  • We can assist you by advising you on asset planning matters.
  • We can 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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