Chapter 3
The new Trusts Act


3.1Chapter 3 explores the nature of key aspects of the Law Commission’s package of recommendations. It looks at the proposal that there be a new Trusts Act, and addresses the concern that this is an attempt at codification. The chapter discusses the way that the recommendations address the nature of trusts, and then explores how the recommended new Act interacts with the rules of equity, and addresses issues over the validity of trusts. The chapter also considers the importance of the settlor’s intention and the balance that we have attempted to strike in relation to this in the recommendations. Finally, chapter 3 discusses how the proposed Act would interact with particular types of existing statutory trusts, which rely upon the trust form, and how the recommendations apply more generally to existing trusts.