MSPs invite views on Trusts and Succession Bill

Vviews on the Scottish Government’s Trusts and Succession (Scotland) Bill are being invited from the public by the Scottish Parliament’s Delegated Powers & Law Reform Committee, as it begins its stage 1 scrutiny.

The bill would alter how trusts are administrated and managed, and would also change the order of who has a right to inherit when someone dies without a will.

The Scottish Law Commission has recommended that both trust law and succession law be updated. Currently Scots law around trusts is largely based on an Act passed in 1921. It is now believed that there are £500bn worth of assets held in trusts in Scotland today.

Committee convener Stuart McMillan MSP said: “We would like to understand more about how trusts are used in Scotland and what impact the changes in this bill might have on Scottish individuals, businesses, charities and institutions.

“We’re particularly keen to hear from professional trustees, whose commercial business includes handling trusts for other people, and lay trustees, who are not acting in a professional capacity in their role.”

In addition to its consultation, the committee will hold a series of public evidence sessions on the bill in the spring.

Access the consultation here. It runs until 17 March 2023.