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COMMUNITY LEGAL SERVICES SOUTH TRUST
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LEGAL LOWDOWN
Nov/Dec 2016
TRUST LAW REFORMS TRUSTEE ACT 1956: Does is need a revamp?
The Minister of Justice, Amy Adams has announced that the Government is looking to update the laws that govern trusts, in New Zealand. The announcement came as a result of a Law Commission review of the current trust laws.
clear mandatory and default trustee duties so people know what their obligations are if they’re involved in managing a trust
requirements for trustees to manage and provide information to beneficiaries
It is estimated that there are between 300,000 - 500,000 trusts operating in New Zealand.
flexible trustee powers and updated rules
clear rules for when people make changes to a trust or wind them up
more options for removing and appointing trustees without having to go to court while also preserving people’s ability to ask the courts to intervene to resolve disputes.
Many of the proposed reforms are based on recommendations made by the Law Commission following its review in 2013. Some of the proposed changes include;
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Submissions are currently open for this Bill. If you would like to make a submission, please see the Ministry of Justice website: https://consultations.justice.govt.nz/policy/trusts-bill-exposuredraft/
making it easier for people to understand how to appropriately use trusts to manage their affairs
CYBER HARM New Cyber Laws
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INSURANCE Disaster & Insurance
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MĀORI LEGAL Kaupapa Māori
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TE MANA AKONGA Governance Training
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