This year the Government will pass into law a new Trusts Act, which will finally end many years of confusion and ambiguity. Our Trust specialist, Ian Turner, was a member of the nationwide committee of lawyers that reviewed the draft Bill and made recommendations to the Government. Most of these recommendations have been adopted and will be in the new Act.
The new Act sets out clearly what trustee responsibilities are; it makes it easier for beneficiaries to hold trustees accountable and if there are serious disputes, there are now alternative and less expensive legal channels, not only the High Court.
The Trust Act has not been changed since 1956 and a change was well overdue. A more detailed summary of the changes are available via our E-Briefing.