Trust laws get shake-up, and advice carve-out
The Trusts Bill, a rewrite of the law governing the half-a-million trusts operating in this country, has been introduced into Parliament.
Changes include a description of trusts, trustee duties, the introduction of clear requirements for managing trust information, and more flexible trustee powers.
The reforms are based on recommendations made by the Law Commission in 2013. It said at the time that the law needed to be made more accessible.
Richard Broad, of Perpetual Guardian, said the new bill made the law simpler but preserved the flexibility of common law which is present under the current system.
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