Review of trust law welcomed

  • Judith Collins

Justice Minister Judith Collins has today welcomed a Law Commission report into trust law.

The report outlines recommendations from the first stage of a comprehensive review by the Law Commission into New Zealand’s law on trusts.

“It’s estimated there are between 300,000 and 500,000 trusts in New Zealand, containing a significant amount of wealth. It’s therefore important to ensure trust law meets the needs of those involved,” Ms Collins says.

“The report makes a number of recommendations which include replacing the existing Trustee Act 1956 with a modern Trusts Act.

“I thank the Commission for undertaking this thorough review and their on-going work on stages two and three. I look forward to working through the recommendations in more detail.”

The Government will formally respond to the Law Commission’s recommendations by March 2014.