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Law Commission’s Review of Trust Law
Monday 20 December 2010
Law Commission’s Review of Trust Law
The Law Commission is seeking information about the use of trusts in New Zealand. The second issues paper in the Commission’s review of trust law has been published today on the Law Commission’s website.
The issues paper focuses on the uses of family trusts in New Zealand. “We’re interested in why people set up family trusts, and whether there should be limits on their use,” says Commissioner George Tanner. “New Zealanders seem particularly keen on trusts. Although we have no definite record of numbers of trusts, it seems that at least one in every 18 people in New Zealand has a trust.”
Trusts serve a number of useful purposes, but they are sometimes also criticised as allowing people to hide wealth or avoid liabilities. The Commission’s paper examines situations in which the law will “look through” the use of a trust, and asks questions about whether some purposes of trusts are more acceptable than others.
“This review is a big project. At this stage, we’re interested in gathering as much information as we can,” says George Tanner. “We’d like to hear views from a wide range of New Zealanders – people who set up trusts, trusts practitioners, trustees and beneficiaries.”
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