The new Trusts Act of 2019 came into effect on 31 January 2021. This new Act replaced the Trustee Act of 1956 that currently governs the law relating to New Zealand trusts. This update to the law will affect many Kiwis as New Zealand has one of the highest numbers of trusts per capita worldwide.

Despite the high number of trusts in New Zealand, they can often be a confusing concept for anyone who has not had a legal education or experience working with trusts. New Zealand’s trust laws must be transparent and accessible to everyone, not just professionals familiar with the jargon.

Who does the new Act affect?

The new Act will apply to all trusts in New Zealand. This means it will affect anyone who currently has a trust, is a beneficiary of a trust, acts as a trustee or is considering setting up a trust.

This article was first published by the NZ Herald.