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Trusts Act 2019

The Trusts Act 2019

The introduction of the Trusts Act 2019 is one of the most significant changes in trust law in 63 years. The Trusts Act 2019 replaces the earlier Trustee Act 1956.

With the rise in popularity of family trusts, trust law has been continuously developing. The Trustee Act 1956 has become out of date. Trusts have become a popular vehicle for owning assets and offer a number of benefits such as asset and inheritance protection.

Family Trusts

How do the changes in the new Act affect me?

Contact our team today. We are experts in family trusts and can give you advice on the new Act and what you need to know.

The Trusts Act 2019 came into effect on 30 January 2021. Some of the main features of the Act include:

  • The Act abolishes the law of perpetuities. Now family trusts may have a duration of up to 125 years;
  • The age of majority has been reduced from 20 to 18 years;
  • Duties of Trustees are categorised as “Mandatory duties” and “Default duties”:
  • Mandatory duties – these are duties which cannot be modified;
  • Default duties – these duties can be changed or removed in the trust deed;
  • A Trustee’s duty to keep copies of all trust documents (“Core documents”) and to make these available to all and future Trustees;
  • Beneficiaries right to information. Trustees now have an active obligation to give certain trust information to Beneficiaries (referred to as ‘Basic trust information’).

What does all of this mean for me?

Give us a call today to discuss your particular circumstances:

  • Who are the Beneficiaries of your trust and what information are they entitled to?
  • Are you holding copies of all of your trust documents?
  • Is your Memorandum of Wishes up to date?
  • Does the trust deed need to be updated?
  • Is there a change in Trustees?

Do you have any questions about the new Act? Contact one of our team of family trust experts today. We will let you know how the law changes impact your family trust and, if appropriate, any changes or suggestions you may wish to consider so your family trust structure remains right for you and your family moving forward.