Shake-up of trusts about to come into force

A Radio NZ article.

New laws covering the governance of trusts comes into effect at the end of the week and promises to be the biggest shake-up in the sector in decades.

The New Trusts Act replaces loose, outdated regulations with best practice systems covering compliance and accountability to all beneficiaries, not just those who received a benefit from the trust.

The changes make it easier for beneficiaries to challenge the decisions of trustees through the courts.

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