Holyrood approves Trusts & Succession Bill

Just before the festive season got fully underway, it is worth noting that on 20 December 2023, the devolved Scottish parliament voted unanimously to pass the Trusts and Succession (Scotland) Bill. Now expected to receive royal asset early in 2024, it includes a new power to remove a trustee from office by a majority of their co-trustees or by a decision of all beneficiaries of a trust; a default duty on trustees to exercise ordinary care and diligence; and a duty for trustees to provide information to beneficiaries. It also extends the time limit for cohabitants making a claim on intestacy from six months to 12 months.

Have a look at the Scottish Parliament’s website:

https://www.parliament.scot/bills-and-laws/bills/trusts-and-succession-scotland-bill/introduced

 

Stephen Parnham