Contents

Summary

Introduction

1The Review of the Law of Trusts: A Trusts Act for New Zealand completes the first stage of the Law Commission’s Trusts reference. This Report concerns the core institution of the trust and recommends a modern Trusts Act to replace the outdated Trustee Act 1956.

2The Report is divided into five parts. Part 1 sets out the principles that guide our recommendations and sets out the case for reform. It also explains the relationship between the reforms and the law of trusts as it currently stands. Parts 2 to 5 contain our specific recommendations and should be considered as a package. Rather than repeating material that we have previously discussed in issues papers or the Preferred Approach Paper,1 we have sought in the individual chapters to build on that earlier analysis.

3Included in the Report are indicative drafts (prepared with the assistance of the Parliamentary Counsel Office) of some of our most significant recommendations.

4The Commission will follow this Report with a review of charitable trusts and other purpose trusts (the charitable and purpose trusts review) and a review of statutory trustee companies and other corporate trustees (the corporate trustee review).

1Law Commission Review of the Law of Trusts – Preferred Approach (NZLC IP31, 2012).