Hello
anybody set up a New Zealand trust with company as trustee? Are the "settlor" responsibilities and powers the same as here as we are worried that assigning settlors powers to attorneys over there could back fire as we don't have a resident we can ask to be settlor.
The settlor does have the power here to change trustees – not that this is likely to happen if you know the person but what about accountants or solicitors acting on your behalf.
Any advice or info from someone who's done it would be greatly appreciated.
Thanks
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In Australia settlors don't usually have any powers nor do they play any role in the trust after settling the initial sum.
If the settlor is a beneficary then there are adverse tax consequences for the trust – from memory, this is even if the settlor doesn't receive any benefit.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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