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Estimated cost for complete Family Trust Package from 2014




1.  Estimated costs for setting up of a Family Trust with all relevant Documents for transferring a residential Property/Company Shares/Investment Portfolio/Valuables/Insurance policies/ Superannuation Fund/with all personal documents/a Minute book/all Resolutions and Applications.

Deed of Trust $550.00
Memorandum of Wishes / Letter of intent $300.00
Wills  and Final Directions for 2  Settlors $250.00
Living Wills/ Donation Declarations / Legacy letter /Enduring Power of Attorney for a couple $285.00
Title search/House Sale agreement/ANI requirements with identification/Land registration with confirmation certificate of title change $400.00
All Deeds of Acknowledgment of Debt/All Loan Agreements/Deed of Gift (first one $ 225.00, subsequent ones $ 75.00 each) $225.00*
Deeds of Forgiveness of Debt with a Summary of Asset Resolution and forgiveness spreadsheet with Gifting listing $175.00*
Gift Resolution/Solvency Certificate or Declaration with Trustee resolution on total gift $200.00
Banking resolutions/Setting up of a Trust bank acc/Authority to operate account and liaison $200.00
All Set up Resolutions for Trust formation  and running resolutions for appointments, transfers, indebtedness, with Mortgage or Guarantee and Investment Policy $200.00
Trust IRD no. registration with Inland Revenue/providing Deed of Trust, including Authority to uplift IRD no. $50.00
Confirmation of Title change from  Search and summary of assets $50.00
Trust Folder - copying, collating, binding, etc. with explanatory summary sheets of  Settlor's Personal details in memo of Guidance and all other documents including summary of main clauses in deed of trust and other relevant trust matters and preparation for presentation on Video/Letter of Intent/Legacy Letter with folder in  Suitcase. $75.00
  1. A DVD   recording with an introduction by a Lawyer /  the trust presentation with a  final explanation of all trust transactions / all Deeds/ administration of  the Trust/  plus a personal recording by the clients / plus a final message to Trustees on how to run this Trust by a lawyer.
  2. A DVD on how to run Trusts.

$$180.00*

Total Set up costs for a Family Trust with all the above and within at least 4 meetings with lawyer and staff

$3,140.00 plus GST


2. Refinancing Costs For Transfer of a Property  only when a loan is owing to a Bank secured by Mortgage*

Bank communications re status of borrower/loans/investment/shares and requesting/negotiating requirements/solicitor's certificate/insurance/rates confirmation

$180.00*

Bank Loan Agreement verification with Discharge of Mortgage  and explanation / execution of New Mortgage and Guarantee/Indemnity/ Restriction of liability of independent Trustee.

$300.00*
Discharge of old Mortgage/registration of  New Mortgage/ Guarantees/ID with ANI certification $300.00*

Total additional refinancing costs only  if Mortgage with Bank is registered against residential property including all office costs.  ( Some banks may charge an additional documentation fee of $ 225.00. This can be negotiated by you !)

$ 780.00* plus GST


3.  Yearly Review - Cost breakdown : ( Review only takes place 1 full year after the first Deed of Forgiveness of Debt )

1. Yearly meeting with clients of minimum 75 min., during which we discuss the Trust and personal affairs of Settlors, that impact on the Trust, together with other documents such as Will, EPA etc. It includes 15 min. preparation time. $300.00
2. A Study of Financial Accounts set up the trust accountant. It includes discussing them with trustees, and corresponding about them with Accountant,and then referring back to trustees with my advice.  In non-income earning and simple Trusts this may consist of assisting Trustees to formulate their own accounts in updating a Summary of Assets Sheet and recording relevant Capital expenses/distributions and finalizing a Financial Statement Statement for the Minute book by Trustees.  A trust transaction review which incorporates a yearly Minute Book for the trust with all decisions and events and other matters of importance for that year, together with Asset update, all necessary Deeds of Debt and all Resolutions $150.00

3.

The forgiveness of Debt which includes the Deeds of Forgiveness of Debt after updating the gifting amount from own records and or the Financial Statements and querying any differences that may occur with accountant or client.  Included are the Gift Statements and the Certification with IRD of same and return to Trustees.

$150.00

4.

Office costs for all correspondence and handling of documents including printing/binding/copying/postage and all miscellaneous

$150.00

The Review includes Trust transaction review with all resolutions and minuted with all correspondence, and forming and executing documents or updating them, such as amending Memo of Wishes/Wills or EPA's.  All IRD queries, setting up and binding of Minute Books, and the signing by all Trustees, and a final report to clients with all the documents executed and bound in the Year book for the Trust.

Yearly Review  cost inclusive of Gifting and discussion of financial accounts $750.00  plus GST

Yearly Review cost without Gifting in non-income Trust and discussion of Balance Sheet for Trust

$450.00  plus GST

Two yearly Review without Gifting  (This is not desirable, but is sometimes requested for simple trusts).

$800.00  plus GST every 2 years


4.   Additional work may sometimes be required:

Appointing an Independent Trustee/Indemnity/Letter of Exit/resolutions/IRD registration/Trustee company registration resolutions $150.00. plus GST for each
Independent Solicitor's advice for Enduring Power of Attorney  (for cost of client if  such  independent advice is required). $ 150.00  plus GST
Valuation of Residential Property within Auckland City limits $450.00    plus GST

 
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