Family Trusts in 2021 Legal Solutions

Family Trusts in 2021

January 29, 2021 - 1 min read

Do you have a Family Trust, or are you thinking of forming one?

Changes are coming to the Trust Act early in 2021, and we're getting lots of clients ringing with inquiries about whether they still need to have a Family Trust, what the changes are and what impact of the changes are going to have on their trust.

The changes will mostly be around how trusts are administered. These changes have been put in place to make sure that Trusts are run better and that there’s a minimum standard for trustees when they're running trusts.

It doesn't mean that your Trust may not be needed anymore. There are still some very valid reasons to have a Trust. However, I think if you do have a Family Trust, it's really important that you contact your lawyer and have an appointment to review your Trust in light of the changes.

It’s important to review your trustee and to see if the purpose that the trust was set up is still valid. Consider any changes that you may need to make to your Trust deed – taking into account the new law.

If you have any queries about Trusts or you want to just find out a little bit more, please feel free to contact us at Legal Solutions. We have a team of people dedicated to looking after Trusts who can help you.

 

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