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Second Trust Deed

Second Trust Deed Template for New Zealand

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Key Requirements PROMPT example:

Second Trust Deed

"I need a Second Trust Deed to modify our family trust's investment powers and add new classes of beneficiaries, ensuring compliance with the latest New Zealand trust legislation by March 2025."

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Document background
The Second Trust Deed is a crucial legal instrument in New Zealand trust law that allows for the modification or supplementation of existing trust arrangements. This document becomes necessary when trustees need to make significant changes to trust structures, add new provisions, or clarify existing terms while ensuring compliance with the Trusts Act 2019 and other relevant legislation. The Second Trust Deed typically includes detailed provisions about trustee powers, beneficiary rights, trust property management, and administrative procedures. It's commonly used in situations where the original trust deed requires updating due to changed circumstances, new legislative requirements, or the need for additional powers or clarification. The document must carefully balance flexibility for trust management with proper protection of beneficiary interests, all while maintaining compliance with New Zealand's legal framework.
Suggested Sections

1. Parties: Identifies all parties to the deed including the trustees, settlor (if involved in variations), and any other relevant parties

2. Background: Recitals explaining the existence of the original trust deed, reason for the second trust deed, and relevant background information

3. Definitions: Defines key terms used in the deed, including references to definitions from the original trust deed

4. Interpretation: Rules for interpreting the deed and its relationship with the original trust deed

5. Effective Date: Specifies when the modifications or additions take effect

6. Confirmation of Original Deed: Confirms the continuing effect of the original trust deed except as modified by this deed

7. Amendments to Original Deed: Details the specific modifications, additions, or variations to the original trust deed

8. Trustee Powers and Duties: Specifies any new or modified trustee powers and duties

9. Compliance Statement: Confirms compliance with the Trusts Act 2019 and other relevant legislation

10. Execution: Formal execution clauses and signing requirements

Optional Sections

1. Additional Security Provisions: Required when the deed creates or modifies security arrangements

2. Beneficiary Provisions: Include when modifying beneficiary rights or classes

3. Investment Powers: Include when modifying or expanding trustee investment powers

4. Trust Property Provisions: Required when introducing new rules about trust property management

5. Trustee Remuneration: Include when modifying trustee remuneration arrangements

6. Variation Powers: Include when modifying powers to vary the trust in the future

7. Perpetuity Period: Include when modifying or clarifying the trust's duration

8. Conflict Resolution: Include when adding dispute resolution procedures

Suggested Schedules

1. Schedule 1 - Original Trust Deed: Copy or reference to the original trust deed

2. Schedule 2 - Trust Property: Updated schedule of trust property if changes are being made

3. Schedule 3 - Beneficiaries: Updated list of beneficiaries if changes are being made

4. Schedule 4 - Trustee Powers: Detailed list of new or modified trustee powers

5. Schedule 5 - Consents and Certificates: Required consents from relevant parties and legal certificates

6. Appendix A - Execution Requirements: Specific execution requirements and formalities

7. Appendix B - Regulatory Compliance: Compliance checklist with relevant legislation

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 legal definitions
Original Trust Deed
Second Trust Deed
Effective Date
Trust
Trust Property
Original Trustee
Current Trustee
Settlor
Primary Beneficiaries
Discretionary Beneficiaries
Final Beneficiaries
Vesting Date
Distribution Date
Perpetuity Period
Trust Period
Accounting Period
Business Day
Authorised Investments
Controller
Deed of Retirement and Appointment
Excluded Person
Financial Statements
Income
Capital
Investment
Legal Personal Representative
Major Decision
Minor
Power of Attorney
Proper Law
Related Entity
Related Trust
Security Interest
Special Resolution
Trustee Act
Trustee Powers
Variation Power
Working Day
Relevant Industries

Financial Services

Real Estate

Property Management

Wealth Management

Estate Planning

Investment Services

Banking

Professional Services

Family Business

Charitable Organizations

Relevant Teams

Legal

Compliance

Finance

Wealth Management

Trust Administration

Risk Management

Corporate Services

Tax Advisory

Estate Planning

Investment Management

Relevant Roles

Trust Lawyer

Estate Planning Attorney

Trust Manager

Wealth Manager

Financial Advisor

Trust Administrator

Compliance Officer

Legal Counsel

Property Manager

Tax Advisor

Trust Accountant

Corporate Trustee

Risk Manager

Investment Manager

Company Secretary

Industries
Trusts Act 2019: The primary legislation governing trusts in New Zealand, covering trustee duties, powers, appointment, removal, and trust administration requirements
Property Law Act 2007: Governs property transactions and interests in New Zealand, relevant for trust property dealings and transfer requirements
Land Transfer Act 2017: Relevant when trust property includes land or real estate, governing registration and transfer of land interests
Income Tax Act 2007: Covers tax implications of trust arrangements, including trustee income, beneficiary income, and trust taxation requirements
Financial Markets Conduct Act 2013: Relevant for security arrangements and financial market obligations in trust deeds
Contract and Commercial Law Act 2017: Governs general contractual principles applicable to trust deeds and related agreements
Personal Property Securities Act 1999: Relevant when trust property includes personal property or when security interests are involved
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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