GP Trusts NZ Ltd and GPG Australia P/L are our in-house trustees. We can act as trustee of your family, maintenance and testamentary trusts or act as executor of your estate. We can also act a trustee of your private foundation.
You should note though that GP Trusts NZ Ltd cannot act as trustee over a trust which has been settled or created by a NZ citizen or a person residing in NZ, nor for trusts that contain NZ property.
Family Trust
A family trust is traditionally utilized to consolidate the assets of a family group and to ensure the longevity of family wealth well beyond the founders. A family trust is also an excellent vehicle for general asset protection.
Maintenance Trust
A maintenance trust can be used for the maintenance of loved ones, whether for education expenses, living expenses or medical expenses. It can be used as a savings plan for your children’s education. This type of trust is generally quite specific in its nature and purpose and therefore the trust deed must be drafted with this purpose in mind.
Testamentary Trust
Created under a will, a testamentary trust can be used for the maintenance of minor children or to provide for family members for the long term. There are often beneficial tax consequences and concessions applying to a testamentary trust. A testamentary trust is generally created following the distribution of specific legacies or bequests to beneficiaries and deals with the residual estate.
Executorship
In many instances people find it difficult to appoint a family member or friend as the executor of their estate. Global Pensions Trustees can act as executor of your estate (other than in New Zealand) and administer the estate in accordance with your wishes.
Private Foundation
Philanthropy is becoming increasingly popular with high net worth families. A private foundation can be established for this purpose to accumulate family donations and distribute the assets in accordance with the accumulation and distribution plan, as set at the outset. A private foundation can either be quite specific in its intention or can be for general community well-being purposes.
Letter of Wishes
All trusts over which Global Pensions Trustees act as trustee are accompanied by a letter of wishes by the settlor or founder. The letter of wishes, although not binding on the trustees and does not abrogate the trustee’s fiduciary responsibilities, assists the trustees in keeping with the original intention or purpose of the trust. The letter of wishes gives the trustee guidelines as to the settlor’s wishes in administering the trust, which is one factor the trustee can take into account when making decisions with respect to the trust.
Contact our offices to learn more.
