The Trusts Act 2019 has been in force for a while now – if you are a Trustee or have a Family Trust do you know what your “Default Duties” are? Do you know what your “Mandatory” duties are? Are you aware of possible liabilities you face now as a Trustee?
If you would like me to send you information of the Default and Mandatory duties, please let me know. (I have a complimentary handout available.)
If you are looking at changing your Trust in ways to help you through some of the new rules your Lawyer will be the person to talk to.
It is a good idea to start with the original reason why you formed your Trust in the first place and see where your are now with these plans.
The costs of managing a Trust through its life have just increased with IRD now asking for so much more information in the Trust tax return IR6. There will be extra time and costs relating to the completion of these new requirements. Many practitioners are questioning the logic of IRD obtaining the new levels of information – what is their purpose? Our team have been attending training presentations and webinars so we can get up to speed on these new requirements from IRD.