Login
Login

Your trusted CPD partner

20NTA1WE

New Trusts Act - Key Changes Overview - Online CPD

NZ $179.00
Publications
Greg Kelly Colette MacKenzie
Greg Kelly
Greg Kelly Law
Wellington
Colette Mackenzie
Greg Kelly Law
Wellington

Package includes:

Online CPD 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.

Online CPD Module

Presentation time: 90 minutes
1.5
CPD HRS

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.

You might also be interested in ...

Registrant Details

Use this window to add all the registrants you wish to register on behalf of. If you want to attend the course also, ensure you add yourself as one of the registrants. Make sure you press ‘save’ after adding each new registrant.

Proceed to Checkout

Insurance - New Challenges - Online CPD

Publication Date: 06-May-2015

Authors: Neil Campbell QC, Storm McVay, Peter Woods

NZ $255.00

Multiple Registration

Consumer Law Reform - Online CPD

Publication Date: 02-Apr-2014

Authors: Susie Kilty, Rae Nield

NZ $255.00

Multiple Registration
 
CONTACT
INQUIRIES
freephone (within NZ)
0800 333 111

EMAIL 
cle[email protected]

PHONE
04 472 7837

FAX
04 463 2986
 
ADDRESS
NZLS CLE Ltd
Level 4, 17-21 Whitmore Street
Wellington 6011

DX SP 20202
PO Box 5041
Wellington 6140
New Zealand