Law Commission’s Key Proposals for New Trusts Legislation

Whilst the Law Commission is reviewing trust law, we've undertaken to keep you up-to-date with its recommendations; which is much easier than you having to read the 300+ pages of the Commission's report.

Core trust concepts

The Commission has recommended that new trust law will define the requirements for the creation of an express trust and a provision confirming no trust exists if the 'three certainties' are not present: the settlor's intention to create a trust, the beneficiary or beneficiaries, or permitted purpose, and the trust property.

Trustees' duties, restrictions on the use of exemption clauses and a default provision on the requirements of the duty to inform beneficiaries will be clearly set out.

Trustees

Further to our article in Trust eSpeaking/15 Spring 2012, the Commission makes the following recommendations:

Giving trustees the same powers in relation to trust property that a trustee would have if the property was...