At long last, the Trusts Bill has had its third reading. We now await Royal Assent for the Trust Bill to become an Act. This new law will affect ALL New Zealand Trusts, and Trustees must comply with the obligations imposed upon them. This is a major law change for New Zealand and it is time to look at your Trust Deed. You need to consider the future of your Trust, who the Trustees are, what their personal obligations are, and how your Trustees are going to manage this significant law change. It is also time to consider who your beneficiaries are. Most Trusts have a list of discretionary beneficiaries as well as final beneficiaries. If you have to disclose information regarding the Trust to all of those people, are you comfortable with that? Is it appropriate that they remain as beneficiaries, or should they be removed? Contact us if you would like some further advice.

Categories: Family Trusts.