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Description

Package includes:

On Demand CPD Module  l  Electronic booklet  l  PowerPoint Presentation

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 CPD Module

Presentation time: 90 minutes
 

This module will provide an overview of the key changes that you need to be aware of when advising your settlor/trustee clients including: mandatory and default duties for trustees; and understanding the presumption of beneficiary access to “basic trust information”.

Topics covered will include:

  • Core principles behind the Act
  • Core documents – what are they?
  • Removal of trustees including LINZ requirements
  • Trustee powers – delegation
  • Exemption clauses
  • Presumptions
  • Trustee duties.

Please contact us if you use a dial up internet connection.

Learning objectives

After completing this module you will:

  • Gain an understanding of the scope of the key practical issues arising from the key changes to trust law as a result of the Trusts Act and changes you may need to make.
  • Improve your knowledge, so you can provide advice to clients and anticipate potential issues.

Booklet 

Authors: Greg Kelly, Colette Mackenzie
Published: 4 May 2020
Pages: 23

Introduction

The Trusts Act 2019 (the Act) comes into full effect on 30 January 2021. The Act contains a number of important principles which are largely a restatement of existing common law or statutory provisions. The Act is not intended as a radical change to the law of trusts in New Zealand; rather it is largely a restatement of the current law and also in some cases clarification of specific areas of the law.

The Act applies primarily to express trusts but the court can apply the Act to implied trusts, for example constructive and resulting trusts. The two key ideas that the Act reinforces are:

(a) in relation to core principles, s 5 of the Act states that a trust must be administered in accordance with its terms and objectives.
(b) while it is commonly assumed by practitioners that a trust is a separate legal entity, s 6(4) of the Act records that a trust is a relationship; a trust can be a separate legal entity for tax purposes but otherwise a trust is a set of obligations and not a legal entity like a company.

Other important principles are that trustees are in fiduciary relationships with and are fully accountable to the beneficiaries – see s 13. Under s 14 a sole trustee cannot be the sole beneficiary of the same trust.

It is important to note that the Act is not an exhaustive code. The Act is intended to complement the rules of common law and equity that have existed for some time. The Act replaces the Trustee Act 1956 which has been repealed with effect from 30 January 2021; the Perpetuities Act 1964 is also repealed on that date. (Continued...)

PowerPoint Presentation

These are the slides included in the presentation.

Questions?

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