New Zealand Transforms its Practices & Reporting Standard for Trusts

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Practitioners in New Zealand have one year to prepare for the long-anticipated change to the law of trusts in the form of the Trusts Act 2019, the main provisions of which come into force on January 30th 2021.

The Act will introduce an assumption that basic information about the jurisdiction’s approximately 400,000 registered trusts will be made available to beneficiaries periodically and requires trustees to be more organised about their recording keeping practices; augmenting the price to found and manage a trust.