The Law Commission is planning a three-stage review to modernise the law of trusts:
- stage one of the review will consider the Trustee Act 1956 and the Perpetuities Act 1964, with a review of trusts law generally;
- stage two will consider the Charitable Trusts Act 1957; and
- stage three will consider the trustee companies legislation.
The first Issues Paper on stage one of the review has been released. The Review of Trusts Law in New Zealand: Introductory Issues Paper asks for views about a possible legislative definition of a trust, practical issues with the Trustee Act, and whether the Act should continue to be a default statute or whether it ought to contain more mandatory provisions. Submissions close on 28 February 2011.