The Government has tabled its response to the Law Commission's review of trust law, confirming that it agrees with the Commission’s core recommendation to replace the Trustee Act 1956 with a new Trusts Act. The Government’s response is available here.
In its September 2013 report, the Law Commission recommended an expanded statute that would set out expressly the duties that all trustees must always owe, and those duties that trustees owe in the absence of modification in a particular trust. The Commission’s report and a summary of the recommendations are available here.
The Government will undertake a more detailed analysis of the potential scope of the new Act, as well as the Commission’s 50 other recommendations, before developing new legislation.