PKF Francis Aickin Limited, Far North, New Zealand
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29 Oct 2020
Many of our clients utilise Trusts to protect their assets, even after they are no longer here, for the benefit of future generations. The law that administers Trusts has been complicated and somewhat outdated – governed by the Trustee Act 1956.
The Trusts Act 2019, which comes into force from 1 February 2021, is the first major Trust law reform in New Zealand in 70 years and will be applicable to all existing and future Trusts in New Zealand. The intention of the reform is to make Trust law simpler, more transparent and more accessible to the general public.
If you have a connection to a Trust, as settlor, trustee or beneficiary you need to be aware of your rights and obligations.
What are the Key provisions of the Trusts Act 2019?
Disclosure of information to be made available to beneficiaries, and in what circumstances a trustee may withhold this information
What does this mean for me?
The Trusts Act 2019 sets out greater expectations for trustees beyond a name written on documentation and it will no longer be acceptable for trustees to take a passive role within the Trusts they serve.
With these changes coming into effect now is a perfect opportunity to revisit your Trust and assess:
To assist you with answering these questions we are holding a free webinar in conjunction with Lindsay Pope, a specialist on good trustee and legacy planning practices with over 40 years’ experience in professional trustee and private client services.
The webinar is on Tuesday 10th November at 11.30 and should last one hour.
Register now - https://attendee.gotowebinar.com/register/9178377132804847120After registering, you will receive a confirmation email with instructions on how to join the webinar.
For more information on how we can help your business, get in touch