Termination of trusts—Scotland
Produced in partnership with Pete Murrin of Turcan Connell
Practice notesTermination of trusts—Scotland
Produced in partnership with Pete Murrin of Turcan Connell
Practice notes
FORTHCOMING CHANGE: The Trusts and Succession (Scotland) Act 2024 received Royal Assent on 30 January 2024, marking the first review of trusts law in Scotland in over 100 years since the principal legislation, the Trusts (Scotland) Act 1921, was passed. The trusts provisions require secondary legislation from Scottish Ministers to be brought into force whereas some provisions relating to succession law came into effect on 30 April 2024. The main changes to modernise the law are summarised in News Analysis: Trusts and Succession (Scotland) Bill passed. Practice Notes on areas of Scottish trusts and succession law will be updated further to reflect this new legislation.
Revocation by the Settlor
Testamentary trusts
Will trusts (or testamentary trusts) are capable of being revoked up until they come into effect on death. In simple terms, a Will (whether containing trust provisions or not) is superseded by a more recent testamentary writing. Whether that is technically a revocation of trust is another matter.
However, a person may bind themselves during their lifetime to bequeath their estate in
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Jurisdiction(s):
United Kingdom
Related legal acts:
Key definition:
Settlor definition
What does Settlor mean?
A settlor is the term given to an individual setting up assets under a trust. The settlor agrees the provisions of the trust deed, appoints the trustees and specifies the beneficiaries under the trust.
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