Trustee Act: New Obligations For Trustee Accounting

The new Trustee Act came into force on February 1, 2023. There are a few new changes, however, this alert focuses on the new obligations with respect to trust accounting. For a fulsome summary of the changes, see the article linked here.

Trustees must now provide annual reporting of the trust accounting to "qualified beneficiaries" unless the trust instrument states otherwise. "Qualified beneficiaries" include those who have a vested interest in the trust and any beneficiary that has given written notice to the trustee that they wish to be a qualified beneficiary.

As such, if you or your clients are trustees of any trusts, this is a good time to revisit the trust deed to:

(a) confirm who the qualified beneficiaries are;