The Government plans on codifying trust law into a new Trust Act. This Act will impose wider duties and obligations on all trustees. Proper record keeping will be required in order to ensure that trustees comply with their obligations under both the current and new laws. Under new law we anticipate it will be imperative that an annual review of the trust’s affairs is undertaken by the trustees. This is good practice in any event. Failure to do so, under new law may result in your trust being regarded as a “sham” which could cause you to lose the advantages of having a trust. These are several matters to consider when administering a trust.
Gaze Burt offers a Trust Management Service which will ensure that trustees comply with their obligations. If you currently have a trust that Gaze Burt Trustees Limited or one of the partners is a trustee of, you will have already received, or will receive in the next few months, a letter regarding joining our trust management service.