New Zealand is estimated to have between 300,000 and 500,000 trusts, yet the law that governs them is more than fifty years old. The Law Commission had been asked to review the law surrounding trusts. The key areas of review included trustee duties, breaches of trust, the duty to provide information, relationship property and trusts, and corporate trustees.
The Law Commission has now produced its report, which sets out its recommendations for the introduction of a modern and comprehensive Trusts Act to replace the current Trustee Act 1956. A copy of the report, titled “Review of the Law of Trusts: A Trusts Act for New Zealand” is available from the Law Commission’s website.
Contact Wells & Co Barristers & Solicitors for further legal advice regarding trust law, including:
- formation of trusts, and the drafting of trust deeds;
- asset protection;
- beneficiaries’ rights and trustee’s duties;
- gifting and trust administration; and
- winding up trusts.