When Last Did You Review Your Trust?

Thada Chapman • September 6, 2026

You Set Up Your Trust When You Bought Your Home. When Did You Last Review It?

For many New Zealanders, setting up a family trust was simply part of buying a home. The lawyers prepared the documents, the property was transferred into the trust, everyone signed where they needed to, and life moved on. Years later, the trust may still own the family home or other assets, but when was the last time you actually looked at how your trust is operating? A trust is not something that should simply sit in a filing cabinet and be forgotten. Trustees have ongoing responsibilities, and those responsibilities continue for as long as the trust exists.

Being a trustee comes with responsibilities

If you are a trustee, you have legal duties to the beneficiaries of the trust. This includes acting in accordance with the terms of the trust, acting honestly and in good faith, taking reasonable care when making decisions, and keeping proper records. Trustees should also regularly review the trust's affairs and consider whether its assets, liabilities and arrangements are still appropriate. Good record keeping is particularly important. Trustees should keep accurate records of trust decisions, meetings, financial information, changes to trustees or beneficiaries, and important documents relating to the trust. It is easy to assume that because nothing has changed, there is nothing to do. But circumstances can change significantly over the years. Children grow up, relationships change, trustees may move overseas or become unable to act, assets are bought or sold, and family circumstances evolve.

When did you last review your trust?

Think back. When did you last sit down and review your trust documents? Do you know exactly who the trustees are? Are the contact details for trustees and beneficiaries up to date? Do you know what assets the trust owns? Are the trust's records complete and current? Have there been any significant changes in your family or financial circumstances that should be considered? If the answer to some of these questions is "I'm not sure", it may be time for a review. A trust review does not necessarily mean that anything needs to change. It is about making sure you understand your obligations as a trustee and that the trust is being properly administered.

Don't wait until you need it

Many people only think about their trust when they are selling a property, buying another asset, dealing with an estate or facing a significant change in their family circumstances. By then, discovering that records are missing or that the trust arrangements have not been properly maintained can create unnecessary complications. A periodic review can help identify issues early and give you confidence that your trust is being properly looked after.


When was the last time you reviewed your trust? If the answer is "I can't remember", that may be a good reason to talk to your lawyer and arrange a trust review.


About the Author: Thada Chapman is a Director and Senior Lawyer at Conveyancing Shop Lawyers. Admitted to practise in New Zealand in 1996, Thada is also qualified to practise in South Africa and California, where she passed the California Bar examination on her first attempt. She has extensive experience across a broad range of legal matters, with particular expertise in property law, buying and selling businesses, and franchising. Thada takes a practical, commercially focused approach to helping clients navigate complex legal matters and transactions.


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