A Revocable Trust Agreement is a crucial estate planning tool in New Zealand's legal framework, primarily used when individuals wish to maintain control over their assets while creating a structured management and distribution system. This document is particularly relevant when settlors want to retain the ability to modify or dissolve the trust arrangement during their lifetime, unlike irrevocable trusts. The agreement must comply with the Trusts Act 2019 and other relevant New Zealand legislation, making it essential for situations involving family wealth management, business succession planning, or asset protection. It typically includes detailed provisions for trust administration, trustee powers, beneficiary rights, and distribution mechanisms, while incorporating specific requirements of New Zealand trust law regarding trustee duties and beneficiary information rights.
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1. Parties: Identifies the Settlor(s), initial Trustee(s), and any initial Beneficiaries
2. Background: Sets out the context and intention to establish the trust
3. Definitions: Defines key terms used throughout the agreement
4. Declaration of Trust: Formally establishes the trust and states its revocable nature
5. Trust Purpose: States the primary objectives and purposes of the trust
6. Powers of the Settlor: Details the Settlor's rights including power to revoke or modify the trust
7. Trustee Powers and Duties: Comprehensively lists trustees' powers and obligations under NZ law
8. Trust Administration: Sets out procedures for managing trust assets and making decisions
9. Beneficiary Rights: Specifies beneficiary entitlements and rights to information
10. Distribution Provisions: Details how and when trust assets can be distributed
11. Amendment and Revocation: Procedures for modifying or terminating the trust
12. Trustee Appointment and Removal: Process for changing trustees
13. Governing Law and Jurisdiction: Confirms New Zealand law governs the trust
14. Execution: Formal signing section with attestation requirements
1. Foreign Assets Provisions: Include when trust holds or may hold overseas assets
2. Business Interests: Include when trust will hold business interests or operate a business
3. Charitable Purposes: Include if trust has any charitable components
4. Investment Guidelines: Include for trusts with significant investment portfolios
5. Minor Beneficiaries: Include if there are beneficiaries under 18 years
6. Digital Assets: Include if trust will hold digital assets or cryptocurrencies
7. Life Insurance Provisions: Include if trust will own life insurance policies
8. Relationship Property Provisions: Include to address NZ relationship property law implications
1. Schedule 1 - Initial Trust Property: Lists all assets initially settled on the trust
2. Schedule 2 - Named Beneficiaries: Lists all initial named beneficiaries and their details
3. Schedule 3 - Trustee Remuneration: Details any agreed trustee fees or compensation
4. Schedule 4 - Administrative Provisions: Detailed procedures for trust administration
5. Schedule 5 - Investment Guidelines: Specific investment policies and restrictions
6. Appendix A - Trustee Meeting Procedures: Detailed procedures for trustee meetings and decisions
7. Appendix B - Distribution Framework: Detailed framework for making distribution decisions
8. Appendix C - Conflict Resolution Procedures: Procedures for resolving disputes between trustees or with beneficiaries
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