We recently spoke to Nigel Keats, of Connectworks, about how trusts use their platform to help achieve their compliance obligations.  Here is what he had to say:

“Trusts are commonly used in New Zealand as a means of asset protection and succession planning. There are potential tax benefits under some circumstances too.

But while settlors and trustees want to protect assets, it should be expected that other parties may want to want to challenge the protection sought. This could include creditors, Government authorities and current or ex-family members.

Many people involved in trusts under-estimate what is required in order to achieve a trust that would withstand robust legal scrutiny. Common issues include not involving all trustees in trust decisions, poor record-keeping and mixing trust and personal assets.

Legal documentation should also be current and in alignment with the trusts goals.

Connectworks in a New Zealand developed software product designed to improve the compliance of trusts and streamline their management.

It’s for professional firms, but as a multi-party system he trusts accountant, lawyer or trust manager can invite non-professional trustees and other professionals in as users.

Users can to start a discussion about what they’d like the trust to do, then easily engage with advisors and other trustees, then resolutions can be generated and approved.

Documents can then be generated or uploaded and signed via a number of methods. Then financial transactions recorded in a trust-specific assets and liabilities module and more.

There are also a number of features to help professionals manage the trusts more efficiently, including the management of trustee companies, templated documents, workflows, reminders and a comprehensive AML/CFT solution. So professionals can divert their efforts to helping ensure compliance is achieved. 

Ask your lawyer, accountant or trust manager whether Connectworks is right for the trust you’re involved with”.