Articles by The Professional Trustee Team
Trusts hail from medieval times and one can be forgiven for thinking current trust law has been on our statute books since that time too. A combination of legislation, common law judgements and equity maxims result in the law being antiquated and complex.This frequently makes trust law difficult to comprehend and, in some cases, problematic to apply. To remedy these ills, a Trust Bill is currently tracking its way through Parliament. It's already had its second reading on 9 May 2019 and is presently with the Committee of the Whole House.
HOW TRUSTS MAY BE AFFECTED
1. Duties of Trustees Detailed
4. Beneficiaries to be Advised
The new legislation will change our trust law and bring increased certainty and transparency I believe. The statute will in no way be a complete codification of law but will undoubtedly be an improvement on the prevailing patchwork of branches of law we currently have to work with. In the first instance, I expect trustees will need to consider the statute's implications to the trusts under their control and in the second, diligently ensure they meet their trustee duties, which we can help with at GRA - you can contact us on +64 9 522 7955, [email protected] or via our website.
Hi Matthew, my name is Mark Soster and I would just like to congratulate you on your wonderful book Property 101. A few weeks ago I had a "financial awakening" and began devouring all the books I could find on the subject, however I keep coming back to yours. After 3 reissues from the library I think it easier now just to buy it. Wonderfully simple yet complex enough to require multiple reads and note taking. It has taken a lot of the fear away with regards to property investment but also tempered me with caution. Without it I would probably have stupidly invested anywhere but Auckland, telling myself it’s too expensive, I now appreciate why would you invest anywhere else? The numbers never lie, in a 20 year plan then Auckland is King for capital gain. As a fan of maths (the only perfect thing on earth?) I can see how each opportunity can be ruthlessly examined on a purely financial level. Anyway, thanks again, I will definitely be contacting your company with regards to coaching and expertise. - Mark Soster - October 2017
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