A Guide to Trusts for new practitioners and those new to trusts
Following the case scenario in the first webinar, this session will look more closely at some of the important elements relating to the drafting of the Deed of Trust including:
- The choice of the initial trustees.
- The description of the discretionary beneficiaries and final beneficiaries.
- The power to appoint and remove beneficiaries.
- Vesting day provisions.
- The power to appoint and remove trustees.
- General powers of the trustees, how these powers are described in the Deed of Trust and ensuring the trustees have the appropriate powers (e.g. to enter into guarantees, borrow etc).
The webinar will work through generic trust clauses and discuss the issues you should consider to ensure these clauses meet your client’s specific situation.
We will discuss how to transfer assets to the Trust which will include discussion on the following points:
- Obtaining a valuation of property to be transferred.
- How assets are transferred (e.g. sale or gift).
- The type of documentation required to give effect to the transfer (e.g. Agreement for Sale and Purchase, Deed of Gift, Deed of Acknowledgement of Debt, e-dealing requirements, Tax Certificates, mortgage and loan documentation, trustee resolutions etc).
- The matters to consider if the property/properties being transferred are subject to an existing mortgage.
- Brief overview of the potential tax issues that may arise in relation to the sale of assets to a trust (e.g bright line, income under taxation of land provisions, GST, continuity issues in relation to the sale of company shares).
Lastly the webinar will cover additional documents required in relation to Trust establishment including:
- Wills and clauses in the Will that relate to Trust Deed provisions.
- Deeds of Forgiveness of Debt (if ongoing gifting).
This webinar is designed for practitioners new to Trusts.
A practical guide to setting up a trust for new practitioners and lawyers new to trusts.
ORIGINAL BROADCAST DATE
22 May 2018
New Lawyers and lawyers new to trusts, accountants, trustee companies, trust consultants.
Dr Maria A Pozza, Senior Lawyer, Govett Quilliam & Katherine Ewer, Principal, Katherine Ewer Tax & Trust Consultant