Our view is that trusts continue to be an important structure for estate planning and an excellent option for managing wealth in the right circumstances. However, we urge those of you with trusts or who are trustees to take care to come up to speed with the new requirements that make core trust principles and trustee obligations more transparent.
Trustees have increased responsibility for holding core documents and for disclosing information to beneficiaries. Beneficiaries may need to be told they are beneficiaries of a trust and entitled to basic trust information. This will require trustees to manage beneficiary expectations.
You need to consider whether:
We’re here to help you work through what is best for you and your trust. Contact Moore Markhams today.
Prepared by Ashleigh Gilmour, Moore Markhams Associate Director. Ashleigh has expertise around Trusts, working with clients on their requirements over the past 15 years. She is a member of a national Moore Markhams team that has ensured the Group has best practice in place to meet the new requirements in the Trusts Act 2019 that came into effect 30 January 2021.