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 the new Act it will also be imperative that an annual review of the trust’s affairs is undertaken by the trustees. Failure to do so may result in your trust being regarded as a “sham” which could cause you to lose the advantages of having 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 or one of the partners is a trustee of, you will have already received, or will receive in the next few months, a letter on joining our trust management service. If you would like us to review your trust prior to receiving our initial letter please get in contact with our Trusts Services Manager, Sarah Wells at email@example.com.