The New Zealand Law Commission is currently reviewing the law of Trusts in New Zealand. An issues paper released by the Law Commission on 30 June 2011 discusses the duties, office and powers of a trustee.
The Law Commission has summarised the key duties that each trustee owes to beneficiaries.
The Law Commission also discusses which of these duties can be limited or excluded by express provision in the Trust Deed, and which of these duties are of such fundamental importance that they are, or should be, irreducible. In this discussion, the Law Commission highlights the importance of striking a balance between holding trustees to account and ensuring sufficient numbers of persons are in fact willing to act as trustee, particularly in regards to professional trustees. The second part of the issues paper reviews the processes for the appointment, retirement and removal of trustees. It also looks into the powers trustees have in managing and administering the Trust, investing Trust funds, and advancing Trust assets to beneficiaries.
A full copy of this issues paper can be found at www.lawcom.govt.nz.
Fortune Manning has a long history of helping people and companies carry out their role as trustee. To discuss any aspect of the duties, office or powers of a trustee, please contact Tony Fortune or Katherine McCarthy
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