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20WUTU

Winding Up a Trust and Other Issues

NZ $36.00
Greg Kelly Kimberley Lawrence
Greg Kelly
Principal, Grey Kelly Law
Wellington
Kimberly Lawrence
Associate, Greg Kelly Law
Wellington

Authors: Greg Kelly, Kimberly Lawrence
Published: 17 September 2019
Pages: 22

Introduction

Trusts have changed a lot over the last few decades. The drafting of trust deeds has changed, the powers vested in trustees have typically become more expansive, and there is significantly more case law about the discretionary trust than there was in the past. This means that in countries like New Zealand, where trusts are often used for wealth planning, asset protection, and farming, the trusts of yesteryear are not always best suited to the present day economic and political environment, legal landscape, or needs of the beneficiaries.

When a trust is no longer suitable, the trustees may wish to make amendments so that it is more suitable for changes in circumstances, they may wish to resettle the trust assets on a newer and more modern trust, or they may simply want to bring a trust to an end. All of these things are routine for trust lawyers and legal executives, but they also come with surprisingly common pitfalls. Everyone dealing with trust administration, and particularly those drafting the documentation, should be aware of the problems that can arise when it comes time to vary, resettle, or bring a trust to an end.

Content outline

  • Varying a trust
  • Resettlement
  • Nuptial settlements
  • Bringing a trust to an end
  • Exercise of trustees’ powers by an attorney
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