Source
r/PersonalFinanceNZ•
tinykiwi2017

Family Trust lawyer

My family have a Family Trust which we set up 20 years ago, and our home is owned by the Trust. I am wondering if we should be getting the trust deed reviewed and checking that all the required documents are complete and up to date (for example we have not kept minutes for meetings etc). Is this something people recommend? And are there any recommendations on a good lawyer who specialises in this kind of thing (preferably in Wellington) please?

Posted Feb 5, 2023, 8:06 PM UTC

37
-doctor-acula•

Yes. Trust legislation has been updated significantly in the last few years. Check out Greg Kelly

11
aharryh•

Here is some info: https://www.justice.govt.nz/justice-sector-policy/key-initiatives/trust-law-reform/

2
jeeves_nz•

Your trust is probably at great risk of being busted open based on your comments.

Definately see a lawyer, they may recommend resettling due to the age of your trust and the huge legislative changes in recent years

8
Fisaver•

Um yes recommended as it’s a legal requirement to do so.

5
GenieFG•

We have a very straightforward trust set up in a similar time frame. Our lawyer, the one who holds the trust deed and our wills, sent us information about what had to be reviewed. I answered a few questions - the biggest one was whether the beneficiaries knew about the trust and its assets. Given there is currently only one other beneficiary, everything was ticked off. It didn’t cost us anything.

4
dnzgh1234•

https://mahonyhorner.co.nz/people/siri-nicholas/

2
Few-Lengthiness-3009•

Lawyer here. Yes, get it reviewed.

2