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If you’re involved in a trust – perhaps you have one yourself or are a trustee for someone else’s trust - you need to be aware of the changes that are coming as a result of the new Trusts Act.
The Trusts Act 2019 was passed in July 2019 and comes into effect from 30 January 2021. Among other things, the Act sets out the duties of trustees and provides rights to beneficiaries that they may have never had before.
If you’re a trustee or a settlor of a trust it is important that you are ready to start administering your trust in accordance with the new Act when it comes into force.
At Ward Adams Bryan-Lamb we can help you review your personal circumstances and your trust. We will assist you through the process of determining whether the trust structure remains right for you, and if it is, whether any changes need to be made either to your trust deed or to the way you administer your trust to make sure you comply with the new legislation.
Keep an eye on our website throughout 2020 as we post a series of articles to give you more detailed information about the Trusts Act 2019 and contact any of our team on 03 218 2833 or through our website to consider what the changes may mean for you.