TRUSTS:
Reviewing Your Trusts
With the Trusts Act 2019 coming into force at the end of January 2021 there is a window of opportunity to review your current trust structure and determine if it is still fit for purpose under the new rules.
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We expect that several clients will consider the new rules too hard to comply with, especially in respect of disclosure to beneficiaries, and decide to terminate the trust completely. Other clients will be happy to keep the trust structure on foot, but some ‘surgery’ might be required as well. Regardless of what path is ultimately decided, any review for a trust will need to be comprehensive and you do not want to be leaving it to the last minute.
