New legal developments, including the introduction of the Trusts Act 2019, have made people question the need to have or retain a trust.
Having a trust used to be easy, with little to no compliance required. However, subsequent Court cases and the new Trusts Act, which came into effect last year, have increased the compliance requirements for trusts. Whether it's FATCA, AML/CDD, the new disclosure requirements to beneficiaries or the new disclosure requirements to the IRD, compliance is never-ending.
Our trusts experts recently gave a seminar on the common reasons for setting up a trust, and for those who already have a trust, some of the pros and cons to consider when deciding whether to retain or wind up a trust. If you would like to learn more, then you can download a copy of their seminar handout below.
To discuss your trust specifically, contact one of our trust experts today.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.