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Package includes:

On Demand Module  l  Electronic Booklet  l  PowerPoint Presentation

Package Fee (incl GST)

  • $149 - NZLS members and Associate members
  • $179 - Non-members

Note: Access to the online files is via your "My CPD" page. If you would like to purchase multiple packages, please contact us here.

On Demand Module

Presentation time: 90 minutes
1.5
CPD HRS
 

There will need to be a radical change to the drafting of trust deeds in order to comply with the New Trusts Act. This webinar will consider how you can meet your obligations to explain modification of default duties and indemnity clauses to your clients. It will also examine what trustee powers should be included in their deeds and other changes required.

The webinar will review the aspects of the Trusts Act 2019 which will affect the way in which trust deeds will be drafted in future. It will also consider changes that may need to be made to existing trust deeds (where there is a power to vary). The webinar will also look at how best to meet the requirements of the new Act when drafting trust deeds in future.

Topics covered will include:
  • The obligations to retain trust documentation and to give information to beneficiaries
  • Modifying the default duties set out in the new Act
  • The obligation to advise settlors about the effect of modifying these default duties
  • The limits on exemption and limitation of liability clauses under the new Act
  • The duty to advise settlors about all such exemption or limitation of liability clauses
  • Other provisions of the new Act which will affect the way trust deeds are drafted – for example the age of majority.

Learning objectives

By completing this module you will gain an understanding of the:

  • New changes you will need to make to your precedent trust deeds in use after 31 January 2021.
  • Key changes to make to your existing trust deeds so they comply with the Trusts Act 2019.

Booklet 

Authors: Chris Kelly, Kimberly Lawrence
Published: 22 July 2020
Pages: 21

Introduction

This paper is concerned with the impact of the Trusts Act 2019 (the Act) on the drafting of trust deeds. While many of the clauses that have traditionally been included in trust deeds will still be appropriate in new trust deeds, extra steps may need to be taken to ensure compliance with the requirements of the new legislation.

The Act does not come into force until 30 January 2021. Until that time lawyers will be free to draft the deeds as they have done in the past, although to future proof those trust deeds, it would be wise to specify that the trust deed overrides the default duties set out in the Act (once it is in force) to the extent necessary to give effect to the terms of the trust deed. Investment provisions should be specifically addressed.

However, prior to 30 January 2021, it is not necessary to comply with all of the requirements which are set out in this paper. This paper is primarily concerned with the provisions that should be considered when preparing trust deeds for signature after 30 January 2021.

This paper will consider:

(a) The obligations to retain trust documentation and to give information to beneficiaries;
(b) The obligation to advise settlors about the effect of modifying these default duties;
(c) Modifying the default duties set out in the new Act;
(d) The limits on exemption clauses under the new Act;
(e) The duty to advise settlors about all such exemption or limitation of liability clauses; and
(f) Other miscellaneous provisions of the new Act, such as the new age of majority.

PowerPoint Presentation

These are the slides included in the presentation.

KELLY Chris LAWRENCE Kimberly
Chris Kelly
Greg Kelly Law
Wellington		 Kimberly Lawrence
Greg Kelly Law
Wellington

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