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Clock ticking on new trusts law

Thank you to all those who entered our lucky draw to win a copy of Martin Hawes’ latest edition of his best-selling book, Family Trusts: The must-have New Zealand guide.

Martin’s new book considers trusts in the light of the new Trusts Act, which comes into force on January 30, 2021. In an article Martin wrote for the Eldernet Gazette in November, he argues that the new law means many people will want to wind up trusts as they will become more trouble than they are worth.

As Martin outlines in his article, the benefits of trusts have diminished over the years, and the widespread benefits that used to apply are much reduced. The new Trusts Act is likely to put a much greater burden of management on trustees. Taking all into account, many people will want to wind up trusts. Martin’s advice? This is a good time to get some legal and possibly accounting advice. If you are likely to receive little benefit from a trust you may well be best to wind it up and simplify your affairs, but talk to your lawyer or accountant first.

We had two copies of Martin’s book to give away. The winners are:

Malcolm Ellis, Napier

Eddy Gies, Papamoa Beach

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