By Emma Foster - 1 Aug 2019
On Wednesday the much anticipated Trusts Bill finally
received the Royal tick of approval and officially became an Act of
Parliament. Pursuant to section 2, the provisions of the Act will
come into force on 1 February 2021. This is probably the most
significant change to trust law in the past thirty years or
more.
The clock is therefore ticking for settlors and trustees of
existing trusts to get to grips with the intention behind and
practical implications of the legislation. They will need to ensure
they understand the much more rigorous obligations and duties which
are about to be imposed on them. Read our previous blog for a
summary of changes
to the Act and what it will mean for trustees.
If you would like a "health check" on your trust before the Bill
comes into force, or to find out more about how this will impact
you, contact any member of our specialist
trust law team.