At New Zealand Family Trust Services we know you are well versed in trusts. After all, many of your clients have been using trusts for personal and business purposes and you’re likely to have been undertaking their accounting work for eons. You may even have been acting independent trustee in their trusts. The landscape trusts now exist in however has altered considerably in recent years and this had led accountants to question if they are best placed to administer trusts and / or act as independent trustee.
Undoubtedly, the business of proficiently managing trusts and carrying out the responsibilities that fall on trustees shoulders has become more complex and time consuming. Legislation such as the Trusts Act 2019, amendments to the Income Tax Act 2007 and the Tax Administration Act 1994 has on the one hand made being a trustee easier. Duties are now spelt out clearly. Correspondingly, beneficiaries can hold trustees to account easier too, now being provided with clear enforceable rights under statute. Trusts and trustees face more scrutiny than ever before.
Clients frequently look to their accountants to help them run their trusts. In fact, many clients we talk to, perceive their accountant is carrying out all the administration and management their trust needs to be compliant and to remain complaint under current legislation. If an accountant acts as the independent trustee this perception is entrenched in clients’ minds.
In undertaking the requisite annual and on-going administrative work competently, accountants find their work and stress levels increase, often with very little fee income return. Many accountants lose valuable time too, being taken away from their core function when assisting clients to meet their legislative obligations and discharge their trustee duties. These disadvantages multiply when an accountant also holds the role of independent trustee and is expected to act pro-bono or for a nominal fee. In order to eliminate these detriments, many accountants choose to work with us – New Zealand Family Trust Services – New Zealand’s Trustee of Choice.
We have over 39 years of experience in administering and managing trusts. Alongside that experience sits the necessary systems and processes required to provide trust administrative and management services to clients.
In carrying out our work we adopt an holistic philosophy, advocating clients involve their accountant in the decisions they make. In fact, our involvement strengthens the relationship accountants have with their clients. The benefits don’t just stop there either. Accountants get back much needed time, enabling them to concentrate on their work and the core services they provide which permits them to grow their practices. Additionally, where an accountant has been acting as an independent trustee in a clients trust, they often feel more comfortable knowing they no longer hold a dual role, with the potential litigation exposure that accompanies that position.
We work with accountants and clients throughout New Zealand. We can provide one-off assistance undertaking a specific task as well as offer full trust administration help, including acting as independent trustee. If you think we could help you and your clients, we invite you to contact us. We’d welcome the opportunity to have a chat.