Truster meaning

A glossary of frequently used terms and phrases in Scottish Private Client law, with the closest England and Wales equivalents (where applicable) and links to helpful websites Ab intestato Meaning From someone who dies without a will; describes property taken under the laws of intestate succession. Nearest English equivalent None Action of specific implement Meaning A court action seeking an order compelling a party to carry out a particular act. In Scotland there is no division between equitable and legal remedies, unlike England and Wales. Nearest English equivalent Specific performance (an equitable remedy for breach of contract that can be ordered alongside, or in place of, damages) Advance notice Meaning An entry in the relevant property register that protects the grantee of a deed intended for registration in the Land Register of Scotland. The protected period of 35 days begins on the day after registration....

FORTHCOMING CHANGE : The Trusts and Succession (Scotland) Act 2024 obtained Royal Assent on 30 January 2024, representing the first comprehensive re-examination of Scottish trust law in more than a century, since the cornerstone Trusts (Scotland) Act 1921 was enacted. As regards trusts, a substantial proportion of its provisions will only operate once Scottish Ministers make further secondary legislation to commence them. By contrast, most succession provisions took effect on 30 April 2024, with a handful of minor trust-related points commencing on 26 June 2024. See News Analysis: Trusts and Succession (Scotland) Bill passed. Practice Notes dealing with Scottish trusts and succession will be updated further to reflect, and align with, this new legislation. At common law, once a trust has taken effect, the scope to vary its terms or purposes is very narrowly confined. Where an inter vivos trust is revocable, the truster may adjust its terms at any time, provided they are sui juris. However, the majority of inter vivos trusts are irrevocable once the trust has...

FORTHCOMING CHANGE The Trusts and Succession (Scotland) Act 2024 obtained Royal Assent on 30 January 2024, representing the first comprehensive reconsideration of Scottish trust law in more than a century, since the principal Trusts (Scotland) Act 1921 was enacted. The trusts elements will only operate once Scottish Ministers make the necessary secondary legislation to commence them, whereas the provisions on succession took effect on 30 April 2024. A synopsis of the principal reforms designed to modernise the law appears in News Analysis: Trusts and Succession (Scotland) Bill passed. Definitions Arriving at a fully adequate definition of a ‘trust’ is challenging, given the breadth of contexts in which trusts arise, and a trust itself has no separate legal personality. For practical purposes, a ‘trust’ can be viewed as a legal arrangement whereby legal title to property passes from the truster to one or more trustees (the trustee/s), who do not obtain an unfettered entitlement to that property but hold it subject to a duty to deploy it in...