In general private trusts cannot exist forever, due to the rule against perpetuities. Older trusts may be limited by a ‘royal lives clause’ or similar, while newer trusts will now be covered by the Perpetuities and Accumulation Act 2009. A key point is that some older trusts may now be entering their final decades so it will be vital that trustees start to consider the long-term future of the assets under their control.
This will be one of the topics reviewed in more depth during the forthcoming Trustee Training Events at Rhug estate and Ragley Hall, organised in conjunction with the CLA. For more details:
This is the seventh of 10 brief ‘Need to Know’ notes for trustees and their professional advisers.