The Trusts Act has had its first major re-write since 1956 and a major reason for the change is that the look and feel of what was once a traditional nuclear family of mum, dad and a couple of kids is increasingly changing and the Act now needs to cover all the family variations that we see today.
The biggest change to the Act that impacts every trustee is the requirement to disclose certain information to beneficiaries. But as a bit of breathing space, please just note that the law changes don’t come into full effect until January 2021.
However, before January 2021 it is a sensible time to assess the usefulness of your trust structure for now and into the future. A good way to do that is to ask yourself as to whether the reasons for you originally setting up the trust are still valid, or whether there are other reasons for continuing with your trust.