New Trust's Bill Introduced to Parliament
On 1st August 2017 the Minister of Justice, Amy Adams, introduced the new Trust Bill into Parliament. While it will now languish in the House until Parliament resumes post election, we can expect the Bill as drafted will move quickly through the Select Committee stages. Or at least we hope that it will because it has been 15 years in the planning.
While it is disappointing that the review of trustee obligations in the Charities Act and dealing with Corporate Trustees has not been addressed in this Bill, we should congratulate the Law Commission for getting at least this far. Between 2010 and 2012, director Anne Edgar was involved in drafting submissions on the Law Commissions' issues papers, so is feeling somewhat pleased that we are finally seeing some traction here.
MyFamilyTrust's blog has written about proposed changes in the past, so check out some of that thinking here http://www.myfamilytrust.co.nz/blog/
Contact us if you would like more advice on managing your trustee obligations under the existing law and the proposed law.
Posted: Thursday 31 August 2017