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Life Insurance Trust Deed

Life Insurance Trust Deed Template for New Zealand

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Key Requirements PROMPT example:

Life Insurance Trust Deed

"I need a Life Insurance Trust Deed for a policy worth NZD 2 million, with my spouse as primary trustee and my three adult children as equal beneficiaries, to be established by March 2025."

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Document background
The Life Insurance Trust Deed is a specialized legal instrument used in New Zealand when individuals wish to establish a trust structure for their life insurance policies. This arrangement is particularly valuable for estate planning purposes, offering potential tax advantages and ensuring efficient distribution of insurance proceeds outside of the probate process. The deed must comply with the New Zealand Trusts Act 2019 and related legislation, including insurance and financial services regulations. It typically includes comprehensive provisions for trust administration, trustee powers, beneficiary rights, and distribution mechanisms. This document is commonly used by high-net-worth individuals, business owners, and anyone seeking to create a structured arrangement for their life insurance benefits, ensuring their wishes are carried out effectively after their death.
Suggested Sections

1. Parties: Identifies all parties to the deed including the Settlor, Trustees, and any initial Beneficiaries

2. Background: Sets out the context of the deed, including the existence of the life insurance policy and intention to create the trust

3. Definitions: Defines key terms used throughout the deed

4. Declaration of Trust: Formally establishes the trust and declares the holding of the life insurance policy on trust

5. Trust Purpose: States the primary purpose of the trust and its intended objectives

6. Powers and Duties of Trustees: Details the powers and responsibilities of trustees in managing the trust and insurance policy

7. Beneficiaries: Defines the class of beneficiaries and their entitlements

8. Trust Administration: Sets out the administrative requirements and procedures for managing the trust

9. Insurance Policy Management: Specifies how the insurance policy should be managed, including premium payments and policy modifications

10. Distribution of Proceeds: Details how insurance proceeds should be distributed upon receipt

11. Trustee Remuneration: Outlines any provisions for trustee compensation

12. Trust Duration and Termination: Specifies the term of the trust and circumstances for termination

13. Governing Law: Confirms New Zealand law as governing law and jurisdiction

Optional Sections

1. Appointment and Removal of Trustees: Optional detailed section for trusts wanting specific procedures for trustee changes beyond statutory provisions

2. Investment Powers: Additional section needed when trustees are given power to invest proceeds rather than immediate distribution

3. Minor Beneficiaries: Required when beneficiaries include or may include minors

4. Relationship Property Provision: Optional section addressing New Zealand relationship property law implications

5. Trust Protector Provisions: Optional section when a trust protector role is desired for additional oversight

6. Conflict Resolution: Optional detailed dispute resolution procedures beyond standard court jurisdiction

7. Emergency Decision Making: Optional provisions for urgent decisions when normal trustee decision processes cannot be followed

Suggested Schedules

1. Schedule 1 - Insurance Policy Details: Details of the life insurance policy including policy number, insurer, and sum insured

2. Schedule 2 - Initial Trust Property: Details of any additional trust property besides the insurance policy

3. Schedule 3 - Beneficiary Details: Full details of initial beneficiaries and their respective entitlements

4. Schedule 4 - Trustee Details: Full details of initial trustees including contact information

5. Appendix A - Trustee Powers: Comprehensive list of specific trustee powers supplementing main deed provisions

6. Appendix B - Administrative Provisions: Detailed administrative procedures and requirements

7. Appendix C - Distribution Guidelines: Specific guidelines for trustees regarding distribution decisions

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant Industries

Financial Services

Insurance

Legal Services

Estate Planning

Wealth Management

Private Banking

Professional Services

Trust Services

Relevant Teams

Legal

Compliance

Wealth Management

Estate Planning

Trust Administration

Risk Management

Private Client Services

Insurance Services

Financial Advisory

Relevant Roles

Trust Lawyer

Estate Planning Attorney

Financial Advisor

Insurance Broker

Trust Administrator

Wealth Manager

Private Client Advisor

Risk Management Consultant

Trust Officer

Legal Counsel

Compliance Officer

Financial Planner

Industries
Trusts Act 2019: The primary legislation governing trusts in New Zealand, covering trust formation, trustee duties, beneficiary rights, and trust administration requirements
Insurance (Prudential Supervision) Act 2010: Regulates insurance business in New Zealand, including life insurance provisions and insurer obligations
Financial Markets Conduct Act 2013: Regulates financial products and services, including requirements for financial product offerings and disclosures
Anti-Money Laundering and Countering Financing of Terrorism Act 2009: Establishes requirements for customer due diligence and verification when setting up financial arrangements
Income Tax Act 2007: Covers tax implications of trust arrangements and life insurance policies, including treatment of premiums and benefits
Contract and Commercial Law Act 2017: Provides the general framework for contract law that applies to the trust deed as a legal document
Property Law Act 2007: Relevant for aspects of property ownership and transfer within trust arrangements
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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