The Trusts Act 2019, which codifies existing trust law and imposes additional obligations on trustees, comes into effect on 30 January 2021.
If you are a trustee of a family trust you need to ensure that you have had advice on how to comply with the Act and the effect it may have on your trust.
Some of the more important matters to be aware of are:
We are finding in practice that many trustees wish to wind up their trusts, vary them or resettle them on newer, modern trusts that are a better fit with the new Act. If you have heard from us in relation to reviewing your trust but haven’t yet responded, we recommend that you touch base with us as soon as possible so that you can ensure that your trust is compliant before the deadline of 30 January 2021.
The Act also applies, but to a more limited extent, to charitable trusts. If you are a trustee of a charitable trust, we therefore recommend that you contact us to arrange a review of your charitable trust deed to ensure that it is compliant with the new Act.