If you have a family trust set up a number of years ago, it’s good practice to review it to ensure it is still ‘fit for purpose’. Leading on from that is the question that is often asked of us, “Should I bring my trust to an end?”
It has been estimated that there are between 300,000-500,000 trusts in this country. Trusts have been established for many different reasons, including estate planning, creditor protection, to ensure access to rest home subsidies, tax benefits or for protection from relationship property claims.
The hot pool at the new Wanaka Community Pool complex was at risk of being canned, but proceeded thanks to the generosity of two business identities and philanthropists, who bequeathed $1m to enrich the Upper Clutha community they held so dear.
Few acts in our lifetime require more trust than giving another person the right to legally act on our behalf. And, there can be few more onerous responsibilities than taking on that significant duty.
It’s been around eight years in the making – and, after an in-depth review by some of the country’s leading legal luminaries, 2017 looks to be the year the much-anticipated overhaul of trust law will finally make it to Parliament in Bill form.
