New laws for Trusts
Parliament are in the final stages of implementing the Trusts Act 2019, which will replace the Trustee Act 1956 and the Perpetuities Act 1964. The new Act will come into force on 30 January 2021. With the new Act, there will be increased compliance for trustees, including mandatory duties for trustees. There will also be a requirement to inform any beneficiaries that they are a beneficiary and clearer rules about when trustees are required to provide information to beneficiaries.
If you have any questions about how the changes may affect you or your Trust, please contact us.