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The role of the independent trustee appears to be increasingly onerous. The consequences of even minor oversights can be severe and can cost a trustee dearly, both financially and professionally. Understanding the duties and obligations associated with being a trustee, and how best to ensure compliance with those duties and obligations, is crucial for lawyers acting as trustees and advising clients taking on the role of trustee.

Learning Outcomes

  • Develop a better understanding of a trustee’s duties including knowing the Trust Deed and dealing with beneficiaries and the possible consequences of a breach of these duties.
  • Learn more about how to educate clients about the duties and obligations of being a trustee.
  • Understand better the limitation of indemnities as well as how trustees may become liable to the IRD and other third parties.
  • Gain further practical tips on best practice and how to avoid potential problems.

Who should view?

All lawyers who act as independent trustees and all practitioners who advise trustees on their duties and obligations.

 

Presenter


Tammy McLeod

Director
Davenports Harbour Lawyers

Tammy is the sole director at Davenports Harbour and leads their Trust Team. She is a trust and asset structuring specialist with 18 years legal experience specialising in the areas of personal trust law, asset planning and Property (Relationships) Act. She advises clients on a broad range of issues involving the duties of trustees and the management and administration of trust funds, the structuring, establishment and review of asset plans and the interpretation of trust deeds. Tammy is a past president of the Auckland Woman Lawyers’ Association and is a current co-convenor of the NZICA Trust Special Interest Group.