General information

 

Foreword

This is the fifth Issues Paper in the Law Commission’s review of the Trustee Act 1956 and the law of trusts. It is the final in a series of Issues Papers that have discussed particular issues and problems with trusts law in order to enable the development of law reform proposals to modernise trusts legislation.  

This paper addresses several miscellaneous issues that have not been dealt with in the previous Issues Papers, but which are nevertheless significant to the overall review. A theme that encompasses much of the material is the concept of making it easier for beneficiaries to keep trustees accountable and to have their rights as beneficiaries upheld and enforced. Other subjects addressed include trading trusts and the possibility of better regulation to improve the administration and heighten the transparency of trusts.  

We seek comment from all people with views on the issues raised in the paper or with relevant personal or professional knowledge and expertise in these aspects of trusts. Submissions on the issues and questions in this paper will assist us in developing recommendations for legislation to reform the Trustee Act 1956. The submission input we have received thus far on this project is proving to be of great assistance, particularly as we enter the stage of the project where we look to refine our policy preferences. 

In the next stage of the project, we intend to issue for comment a document setting out our preferred approach, prior to the release our final report. This reference has been wide-ranging and complex, and some of our initial views have evolved over the course of the project. We consider that it is appropriate to provide further opportunity for comment on more concrete proposals for reform of the law of trusts. 

 

Signature of Justice Grant Hammond

Hon Sir Justice Grant Hammond KNZM
President of the Law Commission