20/20 Vision for your Trust in 2020 and beyond
The Covid-19 pandemic is causing significant challenge and stress to the economic environment and the imperative to respond and adapt to this event has brought estate planning and trusts back into the spotlight.
If you have a trust you have probably by now heard of the Trusts Act 2019, due to come into force in January 2021. This law replaces the existing trust legislation and introduces some key changes and requirements which trustees and settlors of trusts must be aware of. A summary of these changes is available on our website here.
The “shake up” of the trust legal landscape caused by the new legislation means that settlors and trustees are strongly recommended to review their trust and take advice to ensure it is fit for purpose. Settlors and trustees are encouraged now more than ever to take the long view as we enter a new economic cycle and consider what they want to achieve and where they want to be long-term.
If you have a trust, you need to be able to answer the following questions:
- What do I want from my trust and is it serving the needs of my family?
- Am I comfortable with the number of beneficiaries of my trust and the upcoming obligation to give them trust information?
- Am I happy with my current trustees?
- Does the trust fit with my overall estate plan and where I want to be in 10 years?
- Should I make any other changes to the trust?
- On a cost-benefit analysis, is my trust justifiable?
The Private Client Team at Turner Hopkins is available to help answer your questions and engage with you in a health check of your trust so that you have 20/20 vision. We look forward to discussing what options may be available to you in regards to your estate planning so that your trustees know where they are headed as we move into the unchartered waters that is the Trusts Act and beyond.
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