New Trust laws to come in place next year
March 10, 2020
The Trust Act received Royal assent last year. It is the first time the general law governing trusts has been updated and improved in 60 years. The new law comes into effect on 30 January 2021.
The purpose of the Act is to provide better guidance for trustees and beneficiaries, and makes it easier to resolve disputes.
· A description of the key features of a trust to help people understand their rights and obligations
· Mandatory and default trustee duties to help trustees understand their obligations
· Requirements for managing trust information and disclosing it to beneficiaries so they are aware of their position
· Flexible trustee powers, allowing trustees to manage and invest trust property in the most appropriate way
· Options for removing and appointing trustees without having to go to court to do so
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