Trust Law has changed

 
Trust Law has changed24 Apr 2020

....and continues to do so.
This arises from Court decisions (in particular instigated by IRD for tax, relationship partners following separation, and creditors of failed businesses).
In addition the new Trusts Act comes into force in January 2021. This imposes more onerous duties on Trustees in relation to record keeping, administration, and disclosure to beneficiaries as well as increased personal liability for Trustees.
The likelihood is that your Trust needs an urgent review:
1. Is it still and will continue to be effective to meet the purposes for which it was formed. If not should it be wound up and preferably before the new Trusts Act in January 2021.
2. Should the Trustees (or the directors of a company Trustee) be changed.
3. Should any changes be made to the Trust Deed to address the requirements and challenges of the changes to Trust Law.

Do not delay. See us now before it is too late.