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Getting your family trust fit for the new trustee act



The new trusts act comes into force at the end of January 2021. With it comes to the obligation on all trustees to provide some basic information to all potential beneficiaries of the trust. In some cases, this will mean parents are legally required to give information to their own children about the trust deed and the assets of the trust. However, in many cases trust deeds include more than just the children of t


he settlors as potential beneficiaries. It may include siblings of the settlors and de facto partners of the settlors children all of whom could have remained blissfully unaware of their potential interest in trust assets up to that point. For this reason, it is often necessary to get legal advice about whether your trust deed is fit for purpose under the new act. That advice can include taking the necessary steps to confine the beneficiaries of the trust to children and grandchildren and removing the more remote beneficiaries before they become entitled to such information.


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