How to manage and maintain your own family trust in New Zealand
Last updated 28 September 2026
Most New Zealand family trusts are run by the family: parents or grandparents acting as trustees, with a lawyer and an accountant for particular jobs. You can look after the day to day running of the trust yourself. This guide covers what that involves and the ways people keep on top of it.
What managing a trust involves
Under the Trusts Act 2019, trustees have duties that apply to every trust, such as knowing the terms of the trust and acting honestly and in good faith for the beneficiaries, and duties that apply unless the deed says otherwise, such as acting unanimously and considering the use of their powers from time to time. Trustee duties explained covers all fifteen in plain English.
In practice, managing a trust comes down to three things: keeping the records, doing the yearly jobs, and making and recording decisions properly.
The records to keep
The Act expects each trustee to hold the trust’s core documents, so far as is reasonable:
- The trust deed and every deed of variation
- A record of what the trust owns and owes, and its income and expenses
- Records of trustee decisions: minutes and written resolutions
- Written contracts, including loan agreements
- Accounting records and financial statements
- Papers appointing, removing or retiring trustees
- Any letter or memorandum of wishes
The trust compliance checklist lets you tick off what you have and print what is missing.
What comes round each year
- Financial statements for the year ending 31 March.
- The trust’s income tax return (IR6) and trust disclosures to Inland Revenue: due 7 July, or 31 March the following year if a tax agent files it. Non-active trusts that meet Inland Revenue’s conditions may not need to file.
- Distribution decisions: any income paid or allocated to beneficiaries is decided and recorded before the return is filed.
- A trustee meeting or review, with minutes, and the list of what the trust owns and owes brought up to date.
The annual trust review checklist walks through the review.
Making and recording decisions
Write each decision down when it is made, as minutes of a meeting or a written resolution signed by every trustee, and keep the signed copy. This matters most for money leaving the trust, loans, and buying or selling property. Free minutes and resolution templates are on this site.
Beneficiaries are presumed to receive basic information about the trust, including that they are a beneficiary. Trustees can decide not to in some cases, but should consider it and record why. The beneficiary notice letter is a starting point.
Your options for staying on top of it
1. Your lawyer or accountant handles it
Some firms look after a trust’s administration for a yearly fee. This suits trusts with complex assets or trustees who would rather not be involved. Ask what is included, as fees and services vary.
2. Folders, spreadsheets and a calendar
Many trustees keep a paper file or a shared folder, and a calendar reminder for the yearly jobs. It costs nothing. The risk is that papers end up in different places and reminders lapse when life gets busy.
3. A record keeping tool built for trusts
Trust Ready is an online portal for New Zealand trustees who manage their own trust. It keeps the deed, documents, trustee register, beneficiaries, assets, gifts and loans, and decisions in one secure place, prints the whole record for your lawyer or accountant, and emails you four weeks before key dates such as the yearly review and the tax return. It costs $19.99 a month with no contract. It does not replace your lawyer or accountant, and it is not legal or tax advice.
When to get professional advice
Talk to a lawyer before changing the deed, appointing or removing trustees, selling or buying property, making a large distribution or loan, or winding the trust up. Talk to an accountant about the tax return, financial statements and the tax effect of any big decision.
Where to start
The free trust check asks ten questions about your trust’s records and shows which parts need attention. It takes about two minutes and needs no account.