The paper Review of Trust Law in New Zealand: Introductory Issues Paper (IP19, 2010) asks for views about a possible legislative definition of a trust, practical issues with the Trustee Act 1956, and whether the Act should continue to be a default statute or whether it ought to contain more mandatory provisions. The paper asks for responses to specific questions and seeks comments on the Act and the law that might assist the Commission in its review.
In the second issues paper, Some Issues with the Law of Trusts in New Zealand: Review of the Law of Trusts Second Paper (IP20), the Commission poses options for how the law could address concerns about the use of trusts. The paper seeks comment from as broad an audience as possible on issues such as why trusts are so common in New Zealand, whether limits should be placed on the uses to which trusts are put, whether high levels of settlor control is an issue for concern, how effective existing legislative mechanisms are at addressing the impacts of trusts and whether the law on sham trusts is satisfactory.
Introductory Issues Paper - Submissions close on the 28th February 2011. Email your submission to trusts@lawcom.govt.nz
Second Paper - Submissions close on the 31st March 2011.