Trust Legislation – Release of new Trusts Bill

Published November 11, 2016

Justice Minister Amy Adams yesterday released draft legislation for a new Trusts Bill for New Zealand.

The draft Bill is the next stage in the review of trust law in New Zealand and builds on the initial recommendations made by the Law Commission in 2013.

The intent behind the draft Trusts Bill is to make trust law easier to understand and more accessible for settlors, trustees and beneficiaries.

The Minister’s statement explains the proposed improvements include:

  • making it easier for people to understand how to appropriately use trusts to manage their affairs
  • clear mandatory and default trustee duties so people know what their obligations are if they’re involved in managing a trust
  • requirements for trustees to manage and provide information to beneficiaries
  • flexible trustee powers and updated rules
  • clear rules for when people make changes to a trust or wind them up
  • more options for removing and appointing trustees without having to go to court while also preserving people’s ability to ask the courts to intervene to resolve disputes.

You can access a copy of:

  • The Minister’s statement here.
  • The consultation document and draft Trusts Bill here.

Submissions close at 5 pm on 21 December 2016.

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