Have you and your partner entered into a Relationship Property Agreement? You might be surprised to find that your separate property may not be as secure from your partner as you think. In a recent High Court case, the Court concluded that a Relationship Property Agreement does not protect one’s assets from a Family Protection…
The recent case of The Estate of Thomas Winston Hodgson highlights changes under the new Trusts Act and what the Court will deem ‘reasonable measures’ when trying to find missing beneficiaries. In this article we explore your responsibilities under the Trusts Act 2019 when a beneficiary cannot be found. Brief history – Thomas Winston Hodgson…
As at 30 January 2021, the Trusts Act 2019 is in force. This long awaited Act brings the law up to date in replacing the Trustee Act 1956. The new Act brings new obligations for trustees. It is important that trustees are aware what these ongoing obligations are and how their trust is affected by…
The most significant change in New Zealand trust law in more than 60 years is almost here with the Trusts Act 2019 to come into effect in January 2021. With this law change comes increased obligations for trustees and clearer right for beneficiaries. We recommend clients with active trusts to undertake a review to determine…
Covid-19 has the world focussed on our physical health, with good reason. During this time of uncertainty, we also should be thinking about our “legal health”. A quick check you can do from the comfort of your own home, is to ask yourself: Do you have a Will? If so, is it still relevant and…
A recent article published by stuff.co.nz highlights that many family trusts established in the 1980s and 1990s may no longer be needed due to changes in circumstances and upcoming changes in Trust Law. It is estimated that there are approximately 500,000 Trusts in New Zealand. Trust Partner, Brooke Courtney, agrees that many existing family trusts…
2019 has been a busy year, with several law changes afoot and new Acts to take effect in the years to come. It’s likely that there are more changes to come in 2020. Some of the proposed legal changes worth keeping an eye on are: Freshwater Proposals In 2018, the Government raised three key objectives…
The Trusts Act 2019 is now a reality and will come into force on 31 January 2021. The Trusts Act 2019 will replace the Trustee Act 1956, applying to all existing and future trusts in New Zealand. The Trusts Act 2019 is intended to make trust law simpler, more transparent and more accessible to the…