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NEWS: New Zealand, Trusts Act 2019
17/02/2020
The Trusts Act 2019 (‘Act’), which comes into force on 30 January 2021, applies to most existing and new trusts. Existing trusts have a transitional period until then. The Act makes trust law more transparent and accessible by clarifying existing law and providing better guidance for trustees and beneficiaries.
The main changes include the extension of the trust period; the trustee’s obligations to keep and disclose certain information on trusts; mandatory and default duties of the trustee; restrictions on trustee exemption and indemnity clauses; and trustee powers to administer trusts. Please click here for more details.
In view of the changing rights and obligations under the Act which might result in different levels of protection or privacy, we recommend a review of all existing trusts in order to implement any changes before 30 January 2021.
The main changes include the extension of the trust period; the trustee’s obligations to keep and disclose certain information on trusts; mandatory and default duties of the trustee; restrictions on trustee exemption and indemnity clauses; and trustee powers to administer trusts. Please click here for more details.
In view of the changing rights and obligations under the Act which might result in different levels of protection or privacy, we recommend a review of all existing trusts in order to implement any changes before 30 January 2021.
