A new “Trusts Reference Group” has been established by Minister of Justice Amy Adams to help update and improve the law governing private trusts.
Ms Adams has stated that in a media release made on 29 May 2015 that “it’s important that trust law is fit for purpose and does not create unnecessary costs.”
The Trusts Reference Group will provide advice to the Minister on proposed reforms that will build on the Law Commission’s 2013 report – The Review of the Law of Trusts – A New Trusts Act for New Zealand.
Ms Adams advises that “This will help ensure our reforms provide better guidance for trustees and beneficiaries and reflect modern ways of doing business.”
The Minister also advises that the Government plans to release an exposure draft of a new trusts Bill for public consultation before it is introduced.
- Media Release 29 May 2015