Changes Coming to Trust Law
The new Trusts Bill was introduced to New Zealand Parliament in late 2017 and is expected to pass into law in late 2019, with major implications likely for trustees.
The major difference, which may upset many clients who have a trust, is that under the new rules trustees must inform every beneficiary that they are a beneficiary of a trust and they have a right to trust information.
This means ALL beneficiaries will need to be provided with a copy of the trust deed and the annual financial statements.
We believe these legislation changes, along with the Anti Money Laundering legislation, will make trusts very unattractive as a trading entity or an asset protection entity going forward. It is becoming more expensive to have a Trust and these changes will make it more so.
If you have a trust, it may be time to consider whether you really need it or if your asset protection can be achieved through some other means. For succession purposes, a Company structure can be just as effective.
Our Directors, Chrstine Craig and Shannon Harnett, are attending a Trust Law seminar shortly and we will update you via the September 2019 edition of The Rural Rag.
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