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17TCCW

Trusts for Company and Commercial Lawyers 2017

NZ $65.00
Stephen Law 2017 Juliet Moses 2015
Stephen Law
Senior Associate
TGT Legal
Auckland
Juliet Moses
Partner
TGT Legal
Auckland
Authors: Stephen Law, Juliet Moses
Published: 14 June 2017
Pages: 65

Introduction

As well as top rugby players, sheep and DIYers, New Zealand is thought to have the most number of family trusts per capita of anywhere in the world. As such, they are an integral and very significant part of the fabric of our economy and society, let alone our legal industry.

Therefore, for any lawyer, it is imperative to have an understanding of the fundamentals of a family trust – what it is, settlors and beneficiaries and their rights, the duties and powers of a trustee and what can be expected of a standard trust deed.

It is also incumbent upon company and commercial lawyers to have an understanding of how their area of practice may be affected by trusts, and conversely the impact that their area of practice can have upon trusts. Traditionally, a trust has been considered to be a mechanism for the preservation and conservation of property for the benefit of the objects of the settlor’s bounty (the beneficiaries). However, in recent decades, the trust has become increasingly used as a structure through which commercial enterprise and risk-taking is undertaken. The law has not kept pace with these developments in many respects, which can make the job of a company or commercial lawyer much harder when that job involves trusts. (continued...)
 

Content outline

 
  • The principles and purposes of trusts
  • Comparison of trusts with other ownership structures
  • The key players in the family trust
  • Trustees and their duties
  • Beneficiaries’ rights to information
  • Trust deed provisions
  • The fundamental principles of a trustee’s liability to creditors
  • Contracting with trustees
  • Corporate and commercial issues and risks
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