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Trusts Bill

This category contains 5 posts

Trusts Bill has first reading

The Trusts Bill, which was introduced on 1 August 2017, and which represents that first major change to trust law legislation in New Zealand for over 60 years, had its first reading in Parliament on 6 December 2017.   See Trusts Bill Released 1 August 2017 and Trusts Bill Receives First Reading Also see the First Reading. The … Continue reading

The future of trust administration

The roles of trustees and trust administrators can be a rewarding but difficult role.  With the prospect of a Trusts Act in the foreseeable future (see Trusts Bill released 1 august 2017) trustees and trust administrators need to be match fit.  Increased reporting obligations under CRS, AML/CFT and FATCA are another matter for consideration. For … Continue reading

Trusts Bill released 1 August 2017

The Trusts Bill was introduced to Parliament on 1 August 2017.  The Bill follows the same format as the earlier draft but differs in a number of parts. The Trusts Bill comprises 168 sections and 5 schedules. The policy objectives of the Bill  include the objective of providing “clear, simple, and accessible trust law”.  The … Continue reading

Two trustees go down to the woods … one is discharged, one is not

The use of corporate trustees is a common response to trustee liability.  However, where one of two natural person trustees retires and a corporate trustee is appointed, it is important to consider whether the retiring trustee has been discharged.  See ss 43, 45 and 46 of the Trustee Act 1956, which provide: Relevant Legislation 43 Power … Continue reading

draft Trusts Bill – further refinement

  If you are wondering where the Trusts Bill is at, well you are not alone.  The simple answer is, not here yet.  However, incremental progress is being made.  The Law Society recently reported back addressing some points that Ministry of Justice sought clarification on.  These related to the maximum duration of a trust, application of … Continue reading