Trusts and Succession (Scotland) Bill
28 Nov 2022
The Scottish Government have introduced the Trusts and Succession (Scotland) Bill into the Scottish Parliament. It takes forward the Scottish Law Commission’s Report on Trust Law (Scot Law Com No 239, 2014); it also includes a provision enacting a recommendation in our Report on Succession (Scot Law Com No 215, 2009).
Lady Paton, Chair of the Scottish Law Commission, said today:
“We welcome the introduction of this bill which will implement the recommendations in our wide-ranging report on the law of trusts. Trusts are extremely versatile and have many uses, being found, for example, in succession and family law as well as in pension trusts and life assurance. They are an important part of commercial life. They also play a significant role in the lives of many individuals in Scotland. The current law dates from an Act of 1921 and is in sore need of modernisation. The introduction of the bill at this time is particularly welcome, contributing as it does to Scotland’s recovery post-pandemic.”
The bill can be found on the Scottish Parliament’s website here.