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Declaration Of Living Trust

Declaration Of Living Trust Template for New Zealand

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Key Requirements PROMPT example:

Declaration Of Living Trust

"I need a Declaration of Living Trust to be drafted by March 2025 that will protect my family business assets and provide for distribution of income to my three adult children while maintaining my role as primary trustee during my lifetime, with specific provisions for succession planning in the business management."

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Document background
A Declaration of Living Trust is essential for individuals and families seeking to establish a formal trust structure in New Zealand for asset protection, wealth management, and succession planning. This document, fundamentally shaped by the New Zealand Trusts Act 2019, creates a living trust that operates during the settlor's lifetime and continues after their death. It's particularly valuable for those wanting to ensure orderly asset distribution, maintain privacy, potentially minimize tax implications, and protect family wealth. The declaration includes crucial details about trust property, trustee powers, beneficiary rights, and administrative procedures, all while ensuring compliance with New Zealand's trust law requirements. This type of trust document is commonly used by high-net-worth individuals, business owners, and families seeking to establish long-term asset protection and wealth preservation structures.
Suggested Sections

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

2. Background: States the Settlor's intention to create the trust and transfer initial assets

3. Definitions: Defines key terms used throughout the trust deed

4. Declaration of Trust: Formal establishment of the trust, naming of the trust, and declaration of trust over initial assets

5. Trust Purpose: States the primary purposes and objectives of the trust

6. Beneficiaries: Identifies and defines the primary and discretionary beneficiaries

7. Distribution of Income: Rules for distributing trust income to beneficiaries

8. Distribution of Capital: Rules for distributing trust capital to beneficiaries

9. Trustee Powers: Lists the powers granted to trustees in managing the trust

10. Trustee Duties: Outlines mandatory and default duties as per the Trusts Act 2019

11. Appointment and Removal of Trustees: Process for appointing new trustees and removing existing ones

12. Trust Administration: General administrative provisions including meetings, decisions, and record-keeping

13. Amendment of Trust: Procedures for modifying trust terms if permitted

14. Trust Period and Vesting: Specifies the duration of the trust and final distribution provisions

15. Governing Law: Confirms New Zealand law governs the trust

Optional Sections

1. Business Operation Provisions: Include when trust will own or operate business assets

2. Charitable Purposes: Include when trust has charitable objectives alongside family purposes

3. Relationship Property Provisions: Include to address protection of assets in case of relationship breakdowns

4. Foreign Asset Provisions: Include when trust is likely to hold overseas assets

5. Memorandum of Wishes: Optional guidance document from settlor to trustees

6. Protector Provisions: Include when appointing a trust protector for additional oversight

7. Special Needs Provisions: Include when providing for beneficiaries with special needs

8. Investment Strategy Guidelines: Include detailed investment parameters beyond standard trustee powers

Suggested Schedules

1. Schedule 1 - Initial Trust Property: Detailed list and description of assets initially settled on the trust

2. Schedule 2 - Trustee Powers: Comprehensive list of specific powers granted to trustees

3. Schedule 3 - Administrative Provisions: Detailed procedures for trust administration and trustee meetings

4. Schedule 4 - Beneficiary Details: Full details of named beneficiaries and their respective classes

5. Appendix A - Execution Requirements: Requirements for proper execution and witnessing of the deed

6. Appendix B - Statutory References: Reference to relevant sections of the Trusts Act 2019 and other applicable legislation

Authors

Alex Denne

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

alex.den.21@genieai.co
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