The new Trusts Act comes into force on the 30th January 2021. This is the first major rewrite since the 1940’s. There are a few changes and you should get advice about how this might affect your trust.
In a very quick summary…
- Trusts can now have a 125 year life rather than the 80 years in the past.
- There are additional requirements for record keeping, including Financial Records. They now have to be kept for the life of the Trust and one Trustee must be designated to hold all records and to make sure records are passed on to any new trustees.
- Beneficiaries need to be advised as such and have basic information provided. Beneficiaries can also request information and in certain situations Trustees can withhold information.
- Trustees duties are clarified and split into mandatory and default, the later can be altered.