The Delegated Powers and Law Reform Committee has launched a consultation on the proposed Trusts and Succession (Scotland) Bill, which would modernise the operations of trusts and rules around succession.
Changes to the law are planned in two areas - altering how trusts are administrated and managed, as well as changing the order of who has a right to inherit when someone dies without a will.
Trusts are used for a wide range of legal purposes that impact on families, businesses, charities and financial institutions. A trust enables assets to be legally owned by one person or entity while a different individual, entity or group of people can benefit from the asset.
