Reform of the law of trusts in New Zealand has finally occurred in the form of the Trusts Act 2019 (Act), which is set to come into force on 30 January 2021. The Act represents the first major trust law reform in New Zealand in more than 60 years. Significant amounts of ink (digital and otherwise) has been spent on the process and the new Act. There is, in the words of the President of the Court of Appeal, "much good indeed" in the reform.
We have already seen a number of high net worth and corporate clients taking steps to review their trust arrangements to make sure they are fit for purpose to operate in the "new" environment post 30 January 2021. This includes the first question of – do you need a trust? Often the answer is yes, which leads to further questions about the structure and administration of the trust(s) concerned.
In this series, we will be addressing the issues that our clients (trustees, beneficiaries, other fiduciary office holders and advisors) are facing. Part 1 of this series (link below) concerns the "professionalisation" of the role of trustee, with particular focus on tips for trustees around the new information retention and disclosure regime.
Read our series here:
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Trusts Reform Series, Part 1: Information Retention and Disclosure
Reform of the law of trusts in New Zealand has finally occurred in the form of the Trusts Act 2019 (Act), which is set to come into force on 30 January 2021. The Act represents the first major trust law reform in New Zealand in more than 60 years. In this series, we will be addressing the issues that our clients (trustees, beneficiaries, other fiduciary office holders and advisors) are facing.
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Trusts Reform Series, Part 2: Trustee duties, exemptions, and indemnities
Reform of the law of trusts in New Zealand has finally occurred in the form of the Trusts Act 2019 (Act), which is set to come into force on 30 January 2021. The Act represents the first major trust law reform in New Zealand in more than 60 years. In this series, we will be addressing the issues that our clients (trustees, beneficiaries, other fiduciary office holders and advisors) are facing.
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Trusts Reform Series, Part 3: Third Party Creditors
Reform of the law of trusts in New Zealand has finally occurred in the form of the Trusts Act 2019 (Act), which is set to come into force on 30 January 2021. The Act represents the first major trust law reform in New Zealand in more than 60 years. In this series, we will be addressing the issues that our clients (trustees, beneficiaries, other fiduciary office holders and advisors) are facing.
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Trusts Reform Series, Part 4: Specified Commercial Trusts
Reform of the law of trusts in New Zealand has finally occurred in the form of the Trusts Act 2019 (Act), which is set to come into force on 30 January 2021. The Act represents the first major trust law reform in New Zealand in more than 60 years. In this series, we will be addressing the issues that our clients (trustees, beneficiaries, other fiduciary office holders and advisors) are facing.
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Trusts Reform Series, Part 5: The Court's role in regulating trusts
Reform of the law of trusts in New Zealand has finally occurred in the form of the Trusts Act 2019 (Act), which is set to come into force on 30 January 2021. The Act represents the first major trust law reform in New Zealand in more than 60 years. In this series, we will be addressing the issues that our clients (trustees, beneficiaries, other fiduciary office holders and advisors) are facing.