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  • Trusts Act 2019 – Recent changes to modernise and clarify trust law

    The recently legislated Trusts Act 2019 (the Act) has been given an 18 month transitional period to 30 January 2021 to provide all settlors and trustees a chance to get up to speed with the required changes and time to get the wheels in motion to comply.

    The significant parts of the legislation are designed to bind Trustees by mandatory and default duties providing greater accountability, to provide transparency around the Trust activities, to increase compliance, to provide mechanisms to resolve trust-related disputes and the obligation to provide greater levels of information to beneficiaries.

    These are summarised below:

    As with any legislation, at the introduction, it requires us to fully understand them before we can communicate this through to you. We will continue to develop our understanding with this new piece of legislation and report back in due course.  This is not a one size fits all project especially as Trusts continue to hold an important place in estate planning along with protection and management of assets and everybody’s circumstances are different. As Trustees, you need to ensure you understand your obligations, with our guidance of course. There is a lot  more information to come if you have concerns always feel free to talk with us.