NZ Deed of Retirement and Appointment of New Trustee

Deed of Retirement and Appointment of New Trustee

This document records changes to the Trustees of your Family Trust. You can use this document if a Trustee is retiring and another Trustee is being appointed in their place.

The Settlor(s) of a Family Trust usually have the power to “hire and fire” Trustees. Sometimes, the Settlor(s) pass this power onto someone else, in their Will or by another Deed.

Before you prepare this document, please check your Trust Deed and any associated documents to confirm who has got the power to appoint and remove Trustees.

Checklist is not available for this document.

Sample is not available for this document.

Trust Details
• Do I have to replace a Trustee who retires?
Amendment Details
• How do I know if the Trust has been amended before?
Settlor(s) / Appointer(s) Details
• I'm a Settlor. Can I remove Trustees and appoint new Trustees?
• I'm not a Settlor. Can I remove Trustees and appoint new Trustees?
Current Trustee Details
• What about New Trustees?
• Is the Trustee continuing or retiring?

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Trust Details

• Do I have to replace a Trustee who retires?

  You need to check the terms of your Trust Deed. These are the "rules" that your Trust needs to comply with.
  
  Most Trust Deeds will say that a Trust needs to have a minimum number of Trustees, which is generally two human Trustees, or one corporate Trustee. If you are using the Law Central NZ Trust Deed (unamended), then you need to have at least two human Trustees, or one human and one corporate Trustee, if the Trustee is a corporate Trustee, then there can be one Trustee.
  

  This hint is provided by Cavell Leitch.

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Amendment Details

• How do I know if the Trust has been amended before?

  Generally you will have another document that is called, Deed of Amendment or Deed of Variation to the XX Family Trust. You need to note all variations that have been made to the Trust Deed. If you are not sure, you may need to seek legal advice.

  This hint is provided by Cavell Leitch.

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Settlor(s) / Appointer(s) Details

• I'm a Settlor. Can I remove Trustees and appoint new Trustees?

  You need to check the terms of your Trust Deed. These are the "rules" that your Trust needs to comply with. Most Trust Deeds give the Settlor(s) the power to remove appoint and remove Trustees.

  This hint is provided by Cavell Leitch.

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• I'm not a Settlor. Can I remove Trustees and appoint new Trustees?

  Probably not. You need to check the terms of your Trust Deed. These are the "rules" that your Trust needs to comply with. Most of the time, the power to appoint and remove Trustees is reserved for the Settlors. However, sometimes Settlors have appointed someone else to hold this power for them.

  This hint is provided by Cavell Leitch.

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Current Trustee Details

• What about New Trustees?

  You don't need to add any new Trustees on this page. This is just for your current Trustees. Any new Trustees are added on the next page.

  This hint is provided by Cavell Leitch.

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• Is the Trustee continuing or retiring?

  You need to put in all the CURRENT Trustees on this page. You put in the ones that are retiring. You put in the ones that are continuing as a Trustee. (You don't put in the new Trustee or Trustees as you do that on the next page.)
  
  For each Trustee you are then asked if that particular Trustee is going to continue, or whether the Trustee is retiring.
  
  For example, your sister Susan White is one of your Trustees, but she has moved away.
  
  The other Trustee is you. You want to appoint your brother to replace Susan as a Trustee.
  
  Accordingly, you would put in both of you as Trustees here. However, for Susan you would select the button, which states:
  
  ( ) This Trustee is retiring.
  
  For yourself you would press the button:
  
  ( ) This Trustee is continuing as a Trustee.
  
  Therefore, Susan retires and you continue.
  

  This hint is provided by Cavell Leitch.

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This document has been prepared by Cavell Leitch