Trust Series 2019 - The Trusts Act – what will it mean in practice?

Description

The Trusts Bill received its final reading on 24 July 2019 and Royal Assent on 30 July 2019.

A supplementary order paper was released on 23 July, which made minor amendments to the Bill before it was passed.

The Trusts Act will replace the Trustee Act and the Perpetuities Act and is intended to:

  • make trust law more accessible, and
  • clarify and simplify core trust principles and trustee’s essential obligations

However, the flexibility of the common law will be preserved to allow continued evolution of trust law to reflect the place of trusts in society.

An 18-month transition period applies to most of the provisions of the Trusts Act.

The most significant change for most family trusts will likely be the legislated presumption that trustees will notify all beneficiaries of trusts with the introduction of clear rules about when trustees are required to provide information to beneficiaries so that beneficiaries can enforce their rights.

The Trusts Act also makes many other significant changes including:

  • A new statutory definition of express trust
  • Maximum duration of 125 years
  • A more straight-forward process for the appointment and removal of trustees and vesting of trust assets
  • Alternative dispute resolution (ADR)
  • A new statutory form of the rule in Saunders v Vautier
  • Mandatory and default trustee duties
  • Clearer guidance as to who can be a trustee
  • New adviser obligations regarding exemptions from trustee liability
  • The role of special trust advisor

LEARNING OUTCOMES

This webinar will advise and inform attendees regarding the scope of changes introduced by the Trusts Act, the range of trusts affected beyond discretionary family trusts and what practitioners need to do in the 18-month transition period to:

  • ensure trusts are fit for purpose
  • up-date trust precedents, and
  • advise clients

SUITED TO

This webinar is suitable for accounting and legal practitioners up to senior level who want to develop a better appreciation of the changes introduced by the Trusts Act and what these will mean in practical terms.

PRESENTER

Vicki Ammundsen, Director, Vicki Ammundsen Trust Law Limited

1.25 CPD Hours

  • Sep 04
    Wed, 10:30 AM NZST - 11:45 AM NZST Online
    • $190.00 excl. GST

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One-connection-one-fee

Our webinars operate on a 'one-connection-one-fee' basis so you can have your whole team participate for one cost effective price and claim CPD points.

Recordings

All registrants that do not log into the live webinar are automatically sent a recording either later the same day or early the next business day.

If you did log in and wish to view again simply drop us a line at NZ‑learning@wolterskluwer.com and we’ll be happy to send it to you via email.

Sole practitioners

A discount on webinars is available for sole practitioners. Please contact us at NZ‑learning@wolterskluwer.com to confirm eligibility.