Chapter 1

First Report on the trusts reference

1.1This Report is the Law Commission’s first report from its Trusts reference. It concerns the core institution of the trust. We recommend replacing the outdated and outmoded Trustee Act 1956 with a modern Trusts Act. While this Report marks the end of this stage of the Commission’s reference, we intend that it be followed by a review of charitable and other purpose trusts, and a review of statutory trustee companies and other companies and bodies corporate that act as trustees.

1.2This Report is the culmination of four years’ work at the Law Commission. Over that period the Commission has produced five issues papers that have considered both broad issues relating to the law of trusts and particular matters of detail within the current Trustee Act. We received submissions on these papers. In addition, we produced a Preferred Approach Paper in October 2012,8 and consulted over the summer of 2012/2013 on the proposals in that paper. We have taken careful account of the submissions received. The Commission has also been fortunate to be able to draw upon a distinguished reference group of practitioners and academics who provided great assistance as we formulated the issues papers, the Preferred Approach Paper and this final Report.
8Law Commission Review of the Law of Trusts – Preferred Approach (NZLC IP31, 2012) [Preferred Approach Paper].