Trusts On-line

[cube]

Hi,

Anyone had any dealings (good or bad) with

www.trustsonline.co.nz

Thanks

cube

[tjthorne]

Hi Cube,

I've got a few clients that have either used Trusts Online or a similar website to order a standard Trust Deed. While I think that someone that has had prior experience in maintaining a Trust would find this service beneficial, I found that my clients struggled with the ongoing documentation required. This was probably because they either couldn't be bothered or weren't really sure what they should be doing. I would only recommend this type of Trust setup if you are comfortable maintaining the trust administration yourself.

Tony

[Winston001]

That looks great. Just think of the litigation in the years to come.

My opinion is that I wouldn't expect a website to diagnose my health or give me street level accounting advice. There are plenty of competent experts in trust law. It's not an area to cut corners in.

[cube]

I already have the Trust document (from GRA); I was thinking of using these guys for the on-going administration.

cube

[PeteHam]

I already have the Trust document (from GRA); I was thinking of using these guys for the on-going administration.

cube

Hi Cube

Just wondering...what did end up doing? If you're with Trusts Online still for ongoing administration, are you still happy with them?

Cheers
Pete

[Perry]

Yet Another Law of Unintended Consequences Example?

Bye, bye free enterprise pie . . . .

Last time we sent you a message it was to tell you of “The Anti-Money
Laundering and Countering Financing of Terrorism Regulations 2011”
which comes into effect on June 30th 2013 .

This law will make the setting up of Trusts from a website practically
impossible, as we will have to individually verify the identity of
Settlors and Trustees. After a long review, we have decided that
Trusts On-Line will not be offering new Family Trust setup after
9:00pm on June 29th 2013. Until then, you can set up a Trust for $300.

This decimation of our business makes Trusts On- Line untenable, and
so we will begin to wind down our operations.

We will permit existing members with existing maintenance agreements
to use this website to administer their Trusts up to and including
June 30th 2014. Customer will not be able to extend or purchase
maintenance agreements after June 29th. We will shortly be contacting
customers with agreements that stretch beyond this date.

We apologise to members of the New Zealand public who will be
adversely affected by this poor piece of legislation which we believe
is more about protecting lawyers' income than reducing terrorism and
money laundering.

Thank you for using our services.

From the team at Trusts On-Line

http://www.trustsonline.co.nz

[Harvey Specter]

Avoid these like the plague.

Also it is ironic they are blaming the government / lawyers for closing their business down by bad law when:

1) NZ's money laundering and terrorist financing regulations (pre the laws coming into force this year) are making us an international laughing stock; and

2) Sites such as these which have no identity verification / face to face contact with clients are basically the ideal money laundering service provider for potential money launderers.

This is of course putting aside the atrociously drafted trust deeds you would get from a site such as this. You will no doubt type in your name and have a highly standardised, boilerplate document spat out with no regard to your family or business situation. Also the owner is an accountant I have never heard of and his trust expertise is highly questionable. Especially judging from his amateurish website and some of its content.