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Trusts Bill

Introduced on August 1, 2017. The bill will replace the Trustee Act 1956 and the Perpetuities Act 1964 with the intention of making  trust law more accessible, clarify and simplify core trust principles and essential obligations for trustees, and preserve the flexibility of the common law to allow trust law to continue to evolve through the courts. The proposed reforms are largely based on recommendations for modernising and clarifying trust law made by the Law Commission in 2013. Completed its first reading on Dec 5 with all parties in favour and sent to the Justice Committee for consideration. Former Attorney General Chris Finlayson warned care would have to be taken with the Bill as the law was old and complex and changes could create unintended consequences. Report back extended to Oct 31. Reported back on Oct 31 with a large number of  technical changes. Second reading completed on May 9 with all parties in favour. Committee stage completed on July 23 and third reading on July 24 with all parties in agreement. Trusts Bill