26 Aug 2014
We publish today our Report on Trust Law. Despite the prominence of trusts in Scots law, the institution is badly served by existing legislation. 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 Act has been heavily amended over the years, leading to a lack of clarity and practical difficulties for trustees and beneficiaries. The recommendations in our Report will affect all those who use trusts and our 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.