Trustee services

When setting up a trust, you have the option of using an independent trustee as a trustee. This is a person or entity that is not a beneficiary in the trust that votes on trust decisions and gives guidance on activities of the trust. Using a professional trustee is not a legal requirement, but is instead best practice.

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Professional Trustee Services

The law is moving towards the position that the inclusion of an independent
professional trustee makes your trust extremely robust and difficult for a
creditor or spouse to attack as a sham. Recent case law in New Zealand has
shown that judicial flavor supports the position of having an independent
trustee. An independent trustee provides ‘pure’ trusteeship, focusing solely on the beneficiary and acting in a fiduciary role.

Independent Professional Trustee Services include:

- Helping resolve unexpected issues, providing realistic and practical solutions
- Acting as single point of contact to beneficiaries and their advisers
- Acting impartially across beneficiaries, protecting all equally
- Assisting with buying and selling property
- Assisting with obtaining loans
- Document transaction
- Completing resolutions
- Obtaining appropriate legal and accounting advice to enable trustees to make decisions
- Obtaining appropriate financial advisory advice to make optimal investment decisions
- Holding annual trustee meetings, as required by law
- Establishing and maintain trust registers as required
- Providing registered office for New Zealand companies
- Providing company secretary services, as required

A trust is more open to attack if it can be shown that the trustees are still dealing with the trust fund (assets) as if they were their own. This is more likely to occur where there is no independent trustee and the settlors are holding and dealing with the trust assets for their benefit and at their direction rather than for the benefit of the beneficiaries. 

The appointment of an independent trustee also assists in the better management and administration of the trust. The appointment encourages the co-trustees to discuss the merits of a proposed transaction and ensure the decisions are documented by a resolution or minute. The appointment helps to separate the personal affairs of the settlors from those of the trust.

Professional Trustee Fees

With the benefit of the security of a professional trustee comes the cost of its professional services. We charge, a fixed annual fee of $450+GST per annum (billed each January), and on top of this $180+GST per hour for other work, on a time and cost basis. 

Financial

Services Auckland is an advocate for ensuring every trust has an independent
trustee. We provide this service to our clients in the form of FSA Trustee
Services Ltd, a professional trustee company. 
The director of this company is Andrea Beuvink.

Andrea’s qualifications include:

- Qualified New Zealand Legal Executive/Paralegal (New Zealand Institute of Legal Executives)
- Qualified Chartered Secretary and Administrator (Institute of Chartered Secretaries and Administrators (UK))
- Bachelor of Business Studies degree
- Postgraduate Diploma Business Administration Studies
- Qualified New Zealand Financial Advisor

Contact us

Please email us on the form below or give us a call on 09 419 5440 if you require further information or would like to make an appointment with a financial adviser. 

A disclosure document is available, on request and free of charge.

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Financial Services Auckland Ltd belongs to many of New Zealand's prominent financial service groups.

PIAM
NZFS
Kepae
FSCL