Many years ago I formed a couple of personal family trusts. They were put in place for the protection of assets, a common reason for forming a trust.
There has been quite a lot of discussion around family trusts of late.
As a lot of people know, a new Trusts Act comes into force on the 30th of January 2021. The Trustee Act 1956 (it’s predecessor) was well and truly overdue for review, and that has now happened.
Many of our clients have trusts which have done the job well for them over the years. But now is definitely the time to review trusts with a view to making sure they are fit for purpose going forward under the new Trusts Act 2019.
A number of our clients are looking to wind up their trusts, and others will be making amendments before the 30th of January.
We’ll be contacting our clients shortly to discuss what this all means for them – and please, look out for our webinar “How Robust is your Trust” coming your way in October.
Craig