Declaration Of Trust Form for New Zealand

Declaration Of Trust Form Template for New Zealand

A Declaration of Trust Form is a formal legal document used in New Zealand to establish and evidence the existence of a trust arrangement. Governed by the New Zealand Trusts Act 2019, this document sets out the terms under which property is held by trustees for the benefit of specified beneficiaries. It includes crucial details about the trust's structure, trustee powers and obligations, beneficiary rights, and distribution provisions. The document must comply with New Zealand trust law requirements and typically includes provisions for trust administration, asset management, and succession planning.

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What is a Declaration Of Trust Form?

The Declaration of Trust Form is a fundamental document in New Zealand trust law, used to formally establish and document trust arrangements. This document is essential when individuals or entities wish to create a trust structure for asset protection, estate planning, or business purposes. The declaration must comply with the New Zealand Trusts Act 2019 and related legislation, providing clear evidence of the trust's existence and terms. It contains comprehensive details about the trust property, trustees' powers and duties, beneficiaries' rights, and distribution mechanisms. The document is particularly relevant in situations involving family trusts, property investments, business succession planning, or charitable purposes. A properly drafted Declaration of Trust Form provides legal certainty and protection for all parties involved in the trust arrangement.

What sections should be included in a Declaration Of Trust Form?

1. Parties: Identifies the Settlor(s) and the initial Trustee(s) with their full legal names and addresses

2. Background: Explains the context and intention to create the trust, including any relevant background information

3. Definitions: Defines key terms used throughout the document for clarity and legal certainty

4. Declaration of Trust: Formal declaration establishing the trust and confirming the transfer of initial trust property

5. Name of Trust: Specifies the official name by which the trust will be known

6. Trust Period: Defines the duration of the trust, including vesting date and maximum period

7. Beneficiaries: Identifies and defines the class of beneficiaries who may benefit from the trust

8. Trustee Powers: Outlines the specific powers granted to trustees in managing and administering the trust

9. Trustee Duties: Details the mandatory and default duties of trustees as per the Trusts Act 2019

10. Distribution of Income: Specifies how trust income should be distributed among beneficiaries

11. Distribution of Capital: Details the rules for distributing trust capital

12. Appointment and Removal of Trustees: Procedures for appointing new trustees and removing existing ones

What sections are optional to include in a Declaration Of Trust Form?

1. Appointor Provisions: Used when there is a desire to appoint a person with power to appoint/remove trustees

2. Corporate Trustee Provisions: Required when one or more trustees are corporate entities

3. Variation of Trust: Powers and procedures for varying trust terms, if this power is to be included

4. Conflict Resolution: Procedures for resolving disputes between trustees or with beneficiaries

5. Remuneration of Trustees: Include when trustees are to be compensated for their services

6. Foreign Trust Provisions: Required when the trust may have international elements or beneficiaries

7. Advisory Trustee Provisions: Used when appointing advisory trustees is contemplated

8. Protector Provisions: Include when a trust protector role is desired for additional oversight

What schedules should be included in a Declaration Of Trust Form?

1. Schedule 1 - Initial Trust Property: Details of all assets initially settled into the trust

2. Schedule 2 - Named Beneficiaries: List of specifically named beneficiaries and their details

3. Schedule 3 - Trustee Powers: Comprehensive list of specific powers granted to trustees

4. Schedule 4 - Execution Requirements: Requirements for executing documents and making trustee decisions

5. Appendix A - Certification: Formal certification of the trust deed by trustees and settlor

6. Appendix B - Independent Legal Advice: Certificates of independent legal advice received by parties

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

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Free to use

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What is a Declaration Of Trust Form?

What sections should be included in a Declaration Of Trust Form?

What sections are optional to include in a Declaration Of Trust Form?

What schedules should be included in a Declaration Of Trust Form?

Authors

Alex Denne

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