The new Trusts Act comes into effect on 30 January 2021 and if you are a trustee or a beneficiary of a trust you may need to review your trust deed.

The end of the year is typically a time for reflection, this year more than ever before considering how much has changed. Another thing to consider at this time of year is your trust structure.

The Trusts Act 2019 (Act) will mean significant changes to trust law from 30 January 2021. Some of the most important areas to consider include narrowing the list of beneficiaries and variations to trusts.

Know your beneficiaries

The Act states that trustees must provide certain "basic trust information" to every beneficiary. This means trustees need to voluntarily disclose:

• the fact that a person is a beneficiary of the Trust;
• the name and contact details of the trustees;
• the occurrence of, and details of, each appointment, removal, and retirement of a trustee as it occurs;
• the right of the beneficiary to request a copy of the terms of the Trust or further information about the trust. This could include a copy of the trust deed and information around any assets and liabilities.

Read more here.