Some common terms used in New Zealand trust law include:

Settlor: The person or organisation that creates the trust and transfers ownership of assets to the trustee 

Trustee: The person or group of people who hold and manage the trust assets for the benefit of the beneficiaries 

Independent trustee: A person or entity that manages a trust without benefiting from the trust's assets. They are not a beneficiary of the trust and are not entitled to any of its assets. 

Beneficiary: The person or group of people who benefit from the trust assets 

Trust deed: The legal document that establishes a trust. It outlines the trust's rules, including who the settlor/s, trustees and beneficiaries are, and how the trust will operate. 

Terms of trust: The legal requirements that govern how a trust is managed and the parties involved. The terms are usually set out in a trust deed, which is a signed agreement between the parties involved. 

Trust capital: The assets of the trust, such as real estate, investments, and gifts 

Trust income: The money the trust makes from investing its capital, such as interest, rent, and dividends 

Family trusts: A form of discretionary trust usually formed by families to benefit family members (i.e. children).

Parallel trusts: Two separate trusts for each partner in a relationship. This is common within blended families, or when there is disproportionate asset value between partners.

Sham trust: A structure that appears to be a trust but was not intended to be one and does not behave like one. 

Corporate trustee: A company that is set up to act as a trustee.

Individual trustee: A person who is appointed to manage and administer a trust, holding the trust assets in their name but obligated to use them for the benefit of the beneficiaries. 

Fiduciary Duty: The legal obligation of a trustee to act reasonably and in good faith for all beneficiaries.