Eprivateclient: Richard Burgess’s article “Trustees beware: Radical change will affect the well-meaning and the commonplace”
Solicitor Richard Burgess explores the complexities of the government’s new rules for the registration of trusts. The purpose of the expanding scope of the regulations is to allow the government to investigate instances of money laundering or the financing of terrorist activities. Although there are some exceptions, the proposed changes will require the majority of trusts to inform the government of details of trustees, beneficiaries and the value of the trust assets. The changes will have a significant impact on trustees of common trusts that have not previously been required to provide governments with this information. The introduction of the changes should act as a clarion call for settlors and testators to consider carefully their choice of trustees.
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