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Trusts

Trusts Act 2019 – What information needs to be provided to beneficiaries?

The new Trusts Act 2019 (“the Act”) introduces a presumption that the trustees of a trust must make available “basic” trust information to the beneficiaries of a trust.

Trusts

Removal and appointment of trustees who have lost capacity

The Trusts Act 2019 sets out a streamlined process to follow when a trustee loses capacity and needs to be removed and/or replaced.

Trusts

New Tax Disclosure Obligations for Trustees

Are you a trustee of a trust? Did you know additional information may need to be provided to the IRD with your next tax return?

Trusts

The Trusts Act 2019 - how will the new law affect you?

The Trusts Act 2019 comes into effect on 30 January 2021 - many trust deeds will need to be varied to comply with the new legislation.

Trusts

Reforms in Trust Law - What it means for your trust

Family trusts are a practical structure for holding assets, particularly in New Zealand where there are approximately 300,000 to 500,000 trusts operating today. Currently, the Trustee Act 1956 and the Perpetuities Act 1964 contain provisions which need to be read in conjunction with case law regarding their operation, and do not keep up with present-day trust practices. Therefore, the updates regarding trust law under the current Trusts Bill (“Bill”) are long overdue, being the first significant reform for at least 60 years. The Bill will replace these Acts, clarify core trust concepts and create more practical trust legislation.

Trusts

The new Trusts Bill - clarifying trust law

A new Trusts Bill was introduced to Parliament on 1 August 2017. If enacted, it will have a significant impact on the way trusts operate and are managed in New Zealand.

Trusts

Beneficiaries' rights to information

Many family trust clients are surprised to learn that beneficiaries have a right to information relating to that Trust. What do beneficiaries have a right to know and why?

Trusts

Trusts - A Brief Summary

A trust is a legal arrangement where certain persons (called trustees) hold property for the benefit of others (called beneficiaries).

Trusts

Winding up a trust

Currently in New Zealand law, a trust is automatically wound up, or terminated, at the end of 80 years from the date of the trust deed. However, a trust may be wound up earlier than the 80 years (if the trust deed allows for this) and the trust assets are distributed.

Trusts

Nupitial Settlements and Trusts

We return to the scene of Clayton v Clayton where our last Trust Tips article left off. In a separate decision the Supreme Court had to determine whether or not the settlement of assets on a second Trust, the Claymark Trust, which was established during the marriage of Mr and Mrs Clayton was a nuptial settlement.

Trusts

When is a Trust not a Trust?

Family trusts are often set up to try to protect assets from spouses or partners. More and more often, those trusts are under attack. The Supreme Court has recently clarified some aspects of the law around family trusts and relationship property claims to trust assets.

Trusts

Family Trusts - advantages and disadvantages of having a trust

It can be a difficult decision whether or not to set up a family trust. There are a lot of things to take into consideration. This article looks at the advantages and disadvantages of family trusts.

Trusts

The rights of discretionary beneficiaries

Do you have to tell discretionary beneficiaries that they are beneficiaries of a family trust?
Do you have to give beneficiaries a copy of the financial statements?
Can they demand money from the trustees?

These are just a few of the questions which may arise for trustees concerning the rights of discretionary beneficiaries of a family trust.

Trusts

How a Trustee's obligations to be 'diligent and prudent' may affect you

If you have agreed to act as a trustee, there are some very strict obligations that you have to comply with.

Trusts

Taxation of Trusts

In general terms the income of a Trust for tax purposes is classified and separated into two parts.

Insights

Trusts Act 2019 – What information needs to be provided to beneficiaries?

Removal and appointment of trustees who have lost capacity

New Tax Disclosure Obligations for Trustees

The Trusts Act 2019 - how will the new law affect you?

Reforms in Trust Law - What it means for your trust

The new Trusts Bill - clarifying trust law

Beneficiaries' rights to information

Trusts - A Brief Summary

Winding up a trust

Nupitial Settlements and Trusts

When is a Trust not a Trust?

Family Trusts - advantages and disadvantages of having a trust

The rights of discretionary beneficiaries

How a Trustee's obligations to be 'diligent and prudent' may affect you

Taxation of Trusts

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