31 Mar 2021....and continues to do so.
This arises from Court decisions (in particular instigated by IRD for tax, relationship partners following separation, creditors of failed businesses, and beneficiaries).
In addition the Trusts Act which came into force in January 2021. This imposes more onerous duties on Trustees in relation to record keeping, administration, and disclosure to beneficiaries as well as codifying personal responsibilities of Trustees.
The likelihood is that your Trust needs a review:
1. Is it still and will continue to be effective to meet the purposes for which it was formed. If not should it be wound up.
2. Should the Trustees (or the directors of a company Trustee) be changed.
3. Should any changes be made to the Trust Deed to address the requirements and challenges of the changes to Trust Law.
Do not delay. Don't wait for a beneficiary challenge . See us now before it is too late.