News In Focus
Scottish Law Commission reports on trust law
The Scottish Law Commission (SLC) has published its report on Trust Law.
Despite the prominence of trusts in Scots law, the SLC says the institution is badly served by existing legislation.
It says the main statute, the Trusts (Scotland) Act 1921, is almost a century old, its structure and language have become antiquated, and the uses to which trusts are put have evolved over that time.
The SLC adds that the Act has been heavily amended over the years, leading to a lack of clarity and practical difficulties for trustees and beneficiaries.
The SLC’s recommendations in its Report will affect all those who use trusts and its draft Trusts (Scotland) Bill is aimed at providing a modern system of trust law, allowing Scotland to compete more effectively in the global trusts world.
To access the SLC’s report on Trust Law, visit www.scotlawcom.gov.uk/news/trust-report