Earlier this month, the Ministry of Justice released the long-anticipated draft Trusts Bill for consultation.
The proposed new Act sends a clear signal about the need to improve record-keeping and compliance, especially for non-professional trustees.
This will be a major change in the law of trusts, from the large scale income producing trust to the modest family trust with no asset other than the family home.
The Bill sets out a number of actions which all trustees will be expected to take. We are closely involved in the consultation and we will be issuing further posts to help you keep up to date with the new requirements.