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Interest based trusts
Tarati whānau (utu tāpae $68)
Whānau trust (filing fee $68)
A whānau trust combines the interests of a whānau (family) into a single trust.
Support was given for the formation of a whānau trust. An application to constitute a whānau trust was filed in 2004 and eventually heard in February of 2005.
When you submit an application, you’ll need to include information about the trust and trustees. The Court will review:
day-to-day management of the trust
financial management of the trust
documentation of the trust, and
the terms of the trust.
Trustee duties
Ngā mōhiotanga
Acquaintance
As a trustee you need to know:
what is being administered by the trust (any land or other assets of the trust)
the terms of trust (your powers and responsibilities under the trust order)
all the issues affecting the trust.
This is the case for the largest
and most successful trusts and incorporations, such as the Tuaropaki Trust and
Mangatu Incorporation, right down to the smallest papakainga trusts.
It is also called a trust order.
A trust order sets out the general purpose of the trust and
well as the responsibilities, rights, obligations, and
limitations of the trustees.
With shares held by individuals becoming increasingly fractionated but shares held in whānau trusts being relatively stable, I foresee a time when these whānau trusts will be major shareholders in trusts and incorporations.
Examples of what could be considered ‘simple’ trust matters
include:
• forming a whānau trust for a single owner’s interests or
shares; or
• terminating a kaitiaki trust for a minor when the person
reaches 20 years of age; or
• appointing a trustee to a whānau trust.
Governance entities In the context in which I work, we have a range of governance entities, from trusts to incorporations, but no matter what the governance structure is - whether it is an ahu whenua trust, a whānau trust, a whenua tōpū trust, a pūtea trust, a kaitiaki trust, or an incorporation - key governance skills and capabilities are required.
