Government supports proposed new Trusts Act

The Government had confirmed its support for a new Trusts Act to replace the current Trustee Act 1956. However, don’t expect anything to happen fast. The Law Commission has made 51 recommendations and so far the Government has only endorsed one, which is the recommendation for a new Trusts Act. The remaining 50 are still under consideration. It appears that the question over what “new” trust rules will apply to existing trusts will require further exploration.