Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Truster definition

What does Truster mean? The person who creates a trust, typically by executing a trust deed and either transferring property to trustees or declaring a trust over their own property for identified beneficiaries. In legal drafting and practice, this role is more commonly called the “settlor” in England & Wales, Northern Ireland and Ireland; “truster” is principally a Scots law usage and appears in Scottish case law and instruments (including the “truster‑as‑trustee” form). The term is descriptive rather than generally defined in legislation; statutes in the UK and Ireland usually refer to the “settlor”. Key features: the truster/settlor provides the trust property, states the trust...

Scottish discretionary trusts: creation, trustees, beneficiaries, income and capital, tax, powers, failure of purposes, special regimes, and forthcoming reforms under the Trusts and Succession (Scotland) Act 2024

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Practice notes

FORTHCOMING CHANGE :

The Trusts and Succession (Scotland) Act 2024 obtained Royal Assent on 30 January 2024, representing the first overhaul of Scottish trusts law in more than a century since the Trusts (Scotland) Act 1921. The trusts elements will only commence once Scottish Ministers make the necessary secondary legislation to bring them into force, while certain succession provisions took effect on 30 April 2024. A summary of the key reforms aimed at modernising the framework appears in News Analysis: Trusts and Succession (Scotland) Bill passed. Practice Notes covering Scottish trusts and succession topics will be updated further to align with this new legislation.

What is a discretionary trust?

A discretionary trust or discretionary settlement arises where a person—or persons—(traditionally termed the Truster or trusters in Scots law, though the English terminology of ‘settlor(s)’ is becoming more commonly adopted) transfers or settles property on trustees, to be held for the benefit of one or more of a group of designed potential beneficiaries. A properly constituted trust must have clearly articulated trust purposes—those purposes are often cast in general terms, for example, ‘to manage, hold and apply the trust fund until the vesting day’...

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Pete Murrin

Turcan Connell

Pete advises clients on estate and succession planning, the formation and administration of trusts, taxation of trusts and estates, personal and commercial succession of family businesses, the preparation of Wills, adults with incapacity, and international inheritance and succession matters for high-net-worth clients. He has particular expertise in dealing with contentious trust, estate (testate and intestate) and pension death benefits matters for individual and business clients. Pete also has considerable experience in the field of Trust formation and administration generally and Personal Injury Trusts specifically.He is a member of the Society of Trust and the Estate Practitioners and accredited by the Law Society of Scotland as a specialist in Trusts Law and Private Client Tax, and by the Society of Trust and Estate Practitioners as a TEP. ...

Web page updated on 21/05/2026

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