Whatever the reason for a trust being wound up, and the circumstances and personalities involved, there are various issues to manage. Are the purposes of the trust being met, are trustees seeking indemnities, might a new trust be created and/or additional beneficiaries be proposed?

Drawing on their extensive experience, and using realistic examples and case studies to illustrate points, the presenters will explore a range of potential issues from legal and tax & accounting perspectives, such as:

• Trustees’ duties and responsibilities during and following wind-up
• Beneficiary rights and fiduciary duties owed to them
• How trust documents are dealt with, and to whom they can be disclosed
• Dealing with the implications if one or more of the parties is living overseas
• What assets are being distributed and how to deal with those not distributed 
• Whether the Trusts Act 2019 continues to have application to an obsolete entity
• Distributions triggering tax liabilities, tax liabilities associated with property in a trust, and getting matters finalised with IRD and other entities
• When trustees should seek specialist advice

Learning Outcomes

Learning Outcomes

In respect of winding up a trust:

• Refresh your understanding of the circumstances in which a trust might be wound up.
• Improve your knowledge of trustees’ duties and responsibilities during and following wind-up, and of beneficiary rights and fiduciary duties owed to them.
• Delve into how trust documents are dealt with, and to whom they can be disclosed.
• Get to grips with the implications if one or more of the parties is living overseas.
• Become better apprised of the detail involved, including what assets are being distributed, how to deal with those not distributed, whether the Trusts Act 2019 continues to have application to an obsolete entity, when indemnities might be appropriate and their scope, and what tax liabilities might be triggered or be altered (such as bright-line).
• Better understand how to approach finalising matters with IRD and other entities, and how to do so.
• Develop a better appreciation of when trustees should seek specialist advice.

Who Should Watch?

Anyone who advises on or administers trusts.

Presenters

Vicki Ammundsen | Director, Vicki Ammundsen Trust Law Limited
Roger Thompson | Director, Bentleys Chartered Accountants Limited