Page 1 - Papakura MARCH

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T E A M G R A N T H A M M C G E H A N
Life Property
March 2020

Insight, Advice, News, Guidance and Entertainment

It is becoming more and more apparent that this year is going

to be quite different from the others.
Don't worry we aren't going to talk about CoronaVirus - but
changes are happening in all arena's Worldwide and

Nationwide.
To keep a bit of fun when things get too serious we share
some great events coming up and a way to unwind.

Prepare for Changes in Trusts.
There are some big changes coming to the trust landscape in NZ next year, due to the

introduction of the Trusts Act 2019.

This means if you have a trust, you'll want to spend this year looking into changes that take

effect at the end of January next year, to make sure you're prepared for them.
The aim of the new Act is to make administering trusts more transparent for beneficiaries.
And it gives trustees statutory duties and liabilities.

There is some alarm about the new reforms. Commentators suggest they might lead to

some trustees giving up their roles. Some people might decide to wind up their trusts
completely. And people who didn't know before might now discover they're beneficiaries of
a trust.

What you need to know:

Changes mean trustees will now have to keep core trust documents. It's possible that many
trusts, particularly older ones, don't have a complete set of trust records somewhere.
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T E A M G R A N T H A M M C G E H A N
Life Property

Chris Grantham 0274 960 959 c.grantham@barfoot.co.nz

Karen McGehan 027 296 1449 k.mcgehan@barfoot.co.nz