A new Trusts Act came into effect on 30 July 2019. This is a major change in the law for New Zealand as the new Act will affect ALL New Zealand Family Trusts. There is a deferment period to enable Trustees to get their Trusts in order. Trusts have until 30th January 2021 to comply. The focus of this new Act is primarily on beneficiary rights and Trust management. The Trustees must comply with the obligations imposed upon them, or run the risk that they will be personally liable to a disgruntled beneficiary.
If you are a Trustee of a Trust, either your own or for someone else, it is time to review the Trust to consider its future, how it is administered and what the risks there are to you. Please contact our specialist Family Trust Team if you are concerned about your Trust.