QUESTION:
Hi can you tell me how much will it cost to get all that information to form
my own trust and if the laws are very different to us in NZ?
ANSWER:
You don’t own the trust. A trust is splitting the title between 3 or more people. You don’t own the trust. You have to determine which role you wish to play? Grantor, Trustee, or Beneficiary? If you feel you don’t know , then you do not know enough at this time to be involved with a trust properly. Plus you need to have the Trustee manage it properly. Otherwise, it will become viciated or nullified over time and any benefit of the use of or setting up a trust is going to be vacated and reversed and you may have a balloon of back taxes or whatever it is you are trying to protect will no longer be protected.
We set up common law trusts mostly for our clients. There is no statutory rules that govern the trusts, so NZ “New Zealand” is irrelevant. Your trust is private. New Zealand is a corporation. Why would you incorporate your trust and give authority to regulate it over to a corporation? We teach that you want to govern your own trust and you have 100% regulatory control over it.
I hope this helps to shed some insight. The first step for many is to read and study on trusts. Buying the templates from our website (there are a few versions under “Products” to chose from)…will help you as if you read the trusts along with the miscellaneous free trustee handbooks on common law trusts (Weiss’s, or the Art of passing the buck, among others…) together will, in time, help you to understand how exactly to set up and run a trust properly and who to invite to participate. Remember 1 person can not be a trust, that is an individual and the assets and tax liability, etc is all on you.
Best bet is for you to set up a consultation so we can discuss what the purpose and goals you wish to take advantage of or benefit from, by setting up a trust and then we can talk about what you need to do to prepare, who you need to invite or contract with to form the trust, and what you need to study to manage it. Please see “Trustee Services” on our products section as well.
Tyler
