Transfer of Title
The process of registering of the change of ownership of the family home with Land Information New Zealand (LINZ). This process normally involves:
- Obtaining approval from the bank to transfer the Title, if there is a mortgage.
- New loan document and mortgage, if your bank requires this.
- Preparing legal documents to transfer the property into the name of the Trustees.
- Registering the new mortgage.
- Doing all necessary resolutions.
- Reporting to your Bank and the Trustees.
Deed of Nomination
A document signed by the settlors and trustees holding the family home as nominee for the trustees of your family home trust.
A formal document which outlines the terms and conditions of the trust agreement.
Latest Rates Notice valuation of your property (Your latest Rates Notice, Government Valuation, e-Valuer Report or Current Market Valuation).
Expression of Wishes
Is a letter from the settlor, to the trustees, which spells out some of their wishes. It is usually prepared in the initial stages and can be updated at any time.
Family Home Trust
A Family Trust that holds the family home in an arrangement where a person (known as the Trustee) holds the property for the benefit of others (known as the Beneficiaries).
Are those who will receive the final assets should any still exist at the time the family home trust is dissolved.
A person or people who have first rights to receive any benefits from the family home trust.
A settlor is an individual who sets up the assets under the family home trust. The settlor agrees the provisions of the trust deed, appoints the trustees and specifies the beneficiaries under the trust. The settlor creates the family home trust. The settlor must be an adult (18 or over) and be of sound mind.
Your family home being transferred to your family home trust for asset protection.
Trustees are the people which have been appointed by the settlor of the family home trust to administer the trust in accordance with it's terms and conditions of the trust deed. The trustees are the legal owners of the trust assets but hold them on trust for the benefit of the beneficiaries.