It has already been 5 years since the introduction of the Trusts Act 2019. The Trusts Act 2019 introduced changes to trust law that will likely affect any trust created before 2021.
In the last five years, we have worked with clients to review and update their trusts to reflect this law change. It has also been a good opportunity for trustees to review the trust documents and make the necessary changes to update the trust in line with the family’s current circumstances. Laws change, but people’s lives do too, and what might have been relevant to you 20 years ago may now be in need of a refresh.
As part of these reviews, we have been asking our clients to consider the reasons their trusts were established and whether those reasons remain relevant. We have seen numerous trusts closed to simplify clients’ personal affairs following discussions on this point.
In the current economic climate, where finances can be strained, it is especially important to make sure your trust is fit for purpose.
When was the last time you had a read through your trust documents? Has your trust been reviewed and updated in line with the Trusts Act 2019?
If you need assistance with your family trust, reach out to our Trust Team for a review and to discuss options for your trust.