Option 1: Keep as is
Sometimes a review confirms that your trust is working well. The deed is modern, the administration is sound, and the trust continues to serve a valid purpose.
In this case, we'll provide a report confirming the trust's good standing and any minor administrative improvements that could be made.
Best for:
Trusts with modern deeds (post-2019), good records, valid ongoing purpose, and appropriate trustee structure.
Option 2: Update the deed
Many trusts need their deed updated to comply with the Trusts Act 2019 or to add modern provisions.
Common updates:
- Adding powers for modern investments and digital assets
- Clarifying beneficiary definitions
- Extending the vesting date
- Adding information disclosure provisions
- Modernising trustee appointment and removal provisions
Option 3: Restructure
Sometimes the trust structure itself needs to change. This might mean creating a new trust and transferring assets, or significantly altering how the trust operates.
Adding independent trustees or corporate trustees
When the old deed can't be adequately amended
Separating assets for different beneficiary groups
Combining multiple trusts for simplicity
Option 4: Wind up the trust
If the trust no longer serves a purpose, winding it up may be the best option. This means distributing the assets to beneficiaries and closing the trust.
Considerations when winding up:
- 1 Tax implications: Asset transfers may trigger tax consequences
- 2 Relationship property: Assets may become relationship property
- 3 Creditor exposure: Protection may be lost
- 4 Estate planning: Update wills to reflect new asset ownership
We'll help you understand which option is right for you. Call us on 06 835 7394.
What we do at this stage
We present your options with clear explanations of the implications of each. We give you our recommendation, but the decision is yours.