This article was originally created for Hayes Knight (now Nexia Auckland).
Home > Updates > Trust health check – is your trust still fit for purpose?
Many trusts have been set up for the purposes of achieving asset protection, estate planning or structuring efficiencies, and those purposes are more than likely still valid today.
The new Trusts Act, however, introduces some fundamental changes to the way trusts need to be operated after January 2021, and these changes will apply equally to existing trusts and new trusts.
You, therefore, have a window of 8 months from now in which to consider what the implications will be for your trust come January 2021, and to determine if there are some changes that you would like to make to the Trust Deed before then.
The following key changes will apply to your Trust from January 2021:
If you would like to discuss the implications of the new Trusts Act on your Trust, or would like us to assist your lawyer with undertaking a Trust Health Check to determine if any amendments should be made to your Trust Deed, please contact your Hayes Knight advisor.