New Zealand has the largest number of trusts per capita anywhere in the developed World. They have always played a major part in the lifeblood of New Zealand's economy. With this in mind, the new Trusts Act 2019 (the “Act”) came into full force and effect on January 30, 2021, becoming the first major change to trusts law in over sixty years.

What most people may not realise is that the Act applies to all trusts in New Zealand, even those which existed beforehand and imposes new default duties on every trustee, regardless whether your Trust owns your family home, or a range of other assets.

Did you know that, if your family home is held in trust, simply living in your family home without paying rent to the trust could be a breach of some of these duties? This is one of the many reasons why essential trust management is now vital if you intend for your trust to provide the same level of protection as when it was first formed.

Our Trusts team has a combined wealth of experience around everything to do with Trusts and we are able to assist you with any aspect of managing your trust — from arranging your annual gifting, to a fully in-depth review of your trust deed and preparing a deed of variation specifically made for your trust to ensure compliance with the Act.

We can also assist with changing the trustees of your trust, or winding it up should you decide it is no longer suitable for purpose. We understand how important trusts are in New Zealand, and where we can, we will work with you to ensure you have the confidence that your trust is fully suitable for you moving forward.