The Trusts Bill received its final reading on 24 July 2019 and Royal Assent on 30 July 2019.
A supplementary order paper was released on 23 July, which made minor amendments to the Bill before it was passed.
The Trusts Act will replace the Trustee Act and the Perpetuities Act and is intended to:
However, the flexibility of the common law will be preserved to allow continued evolution of trust law to reflect the place of trusts in society.
An 18-month transition period applies to most of the provisions of the Trusts Act.
The most significant change for most family trusts will likely be the legislated presumption that trustees will notify all beneficiaries of trusts with the introduction of clear rules about when trustees are required to provide information to beneficiaries so that beneficiaries can enforce their rights.
The Trusts Act also makes many other significant changes including:
This webinar will advise and inform attendees regarding the scope of changes introduced by the Trusts Act, the range of trusts affected beyond discretionary family trusts and what practitioners need to do in the 18-month transition period to:
This webinar is suitable for accounting and legal practitioners up to senior level who want to develop a better appreciation of the changes introduced by the Trusts Act and what these will mean in practical terms.
Vicki Ammundsen, Director, Vicki Ammundsen Trust Law Limited
1.25 CPD Hours