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Have Your Say on Changes to the Law About Trusts

Press Release – Justice Committee

The Trusts Bill will replace the Trustee Act 1956 and the Perpetuities Act 1964. It aims to clarify and simplify trust law and trustee obligations, and preserve the flexibility of the common law by allowing trust law to continue to evolve through …Have Your Say on Changes to the Law About Trusts
The Trusts Bill will replace the Trustee Act 1956 and the Perpetuities Act 1964. It aims to clarify and simplify trust law and trustee obligations, and preserve the flexibility of the common law by allowing trust law to continue to evolve through the courts.
Key features of the bill:

• mandatory trustee duties to help trustees understand their obligations

• requirements for managing trust information and disclosing it to beneficiaries

• flexible trustee powers, allowing trustees to manage and invest trust property in the most appropriate way

• provisions to support cost-effective establishment and administration of trusts

• options for removing and appointing trustees without going to court.

Parliament’s Justice Committee will now be considering the bill. Committee chairperson Raymond Huo encourages people with views on the legislation to share these with the committee.

“We want to hear the public’s views on the bill so the committee can make informed decisions about whether any changes are needed to improve it.”
Tell the Justice Committee what you think about this bill

Send your submission on either of the bills by midnight on 5 March 2018.
For more details about the bill:

Read the full content of the bill

Get more details about the bill

What’s been said in Parliament about the bill?
ENDS

Content Sourced from scoop.co.nz
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