The Trusts Act 2019 is set to come into effect on 30 January 2021. The new Act includes a range of changes to trust laws and trustee obligations. Here is a summary of the key changes, to find out more download our Trustee Obligations Guide below.
Trustees have new mandatory duties, including:
- All Trustees will be required to keep copies of specific core documents and have records of Trustee’s decisions
- Trustees will be required to advise Beneficiaries of basic Trust information and Beneficiaries will have the right to request Trust information
- Trustees will need to consider the best interests of all Trustees when providing requested information.
What do you need to do?
The changes to the Trusts Act will increase compliance costs and the Trustees’ responsibilities. Consider how the changes to the Act may impact you:
- Review your Trust, is it still needed? Here is how Villa can help with this!
- Review your Beneficiaries and determine if they should remain a Beneficiary of the Trust under the new rules
- Consider the effect the changes to transparency requirements will have on Beneficiaries
- Ensure you are familiar with the terms of your Trust
- Review your tax obligations if you decide to resettle.
Learn about your obligations as a Trustee
To help you understand the Tax Act 2019 and your obligations as a Trustee, review the Villa Trustee Obligations Guide here.
Review your Trust
In preparation for the changes effective on 30 January 2021 Villa recommends reviewing your Trust. Villa’s Trust Review service specifically addresses the Tax Act 2019 changes and analyses if your Trust is still viable and fit for purpose.