Significant Trust law changes in the past 70 years came into effect on 30 January 2021.
The changes aim to increase the accessibility of trust law, trustees’ duties and strengthen the ability of beneficiaries to hold trustees accountable.
The main provisions include
There can be various reasons for having a Trust, including asset protection and estate planning. However, over time, the original purpose of the trust may have been served, and it is no longer needed. Given the additional compliance, consider the benefit and cost of maintaining, and forming, a trust to decide whether a trust is still suitable in your circumstances. At NZ International Tax & Property Advisors, we can assist.
Each trustee shall confirm he/she is prepared to take on the additional duties imposed by the Act. Trustees should be prepared to meet their obligations regarding the disclosure of trust information to beneficiaries, including meeting disclosures to beneficiaries and creating a checklist to ensure the disclosure requirements are met.
Trustees must maintain the core documents listed in the Act, so it is essential to check the core trust documents’ status and location.
If you need advice on the law and other trust matters, contact your professional advisers. We can refer you to the best person to advise you. Often, this will be your solicitor.
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