Published on: August 21, 2020
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.
This article is intended only to provide a summary of the subject covered. It does not purport to be comprehensive or to provide legal advice. No person should act in reliance on any statement contained in this publication without first obtaining specific professional advice. If you require any advice or further information on the subject matter of this newsletter, please contact the partner/solicitor in the firm who normally advises you, or alternatively contact one of the partners listed below.
Partner, Public Law and Regulation
Special Counsel, Tax
Senior Associate, Banking and Finance
Public Law and Regulation