This book is only available in PDF format

Author: Vicki Ammundsen
Published: 26 March 2020
Pages: 38

Introduction

The Trusts Act 2019 will replace the Trustee Act and the Perpetuities Act and is intended to make trust law more accessible and to clarify and simplify core trust principles.
The flexibility of the common law has been preserved to allow continued evolution of trust law to reflect the place of trusts in society. An 18-month transition period applies with respect 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.

This session considers the practical aspects of preparing for the introduction of the Trusts Act and what practitioners need to do to be ready when the Trusts Act comes into full force and effect in 2021.

Content outline

• The Trusts Act
• Definitions
• Maximum duration
• Age of majority
• Duties
• Who can, and who cannot, be a trustee?
• Special Trust Adviser
• Disclosure
• Appointment, removal of trustees
• Trustee appointment considerations
• Jurisdiction of the Family Court