Wallace was brought up in the Church of Scotland – in which his accountant father was an elder – and religion and politics were inter-related interests and influences throughout his life.
In 2021, he took on the role of the moderator of the Church of Scotland.
The Kirk’s current moderator, the Rt Rev Rosie Frew said she was “shocked and saddened” by Lord Wallace’s death.
She described him as “kind, accommodating, informative and entertaining”.
She added: “It was both a joy and a privilege to spend time with him and his wife Rosie.
“He served both church and state faithfully and well over many years.
“My thoughts and prayers are with Rosie and their family at this difficult time.”
Wife Rosie said Wallace sang in the Dunblane Cathedral choir over the festive period and was looking forward to spending more time with his grandchildren.
She said it “brings some comfort” that he had been “surrounded by those he loved most when he died”.
And she added she was “thankful” the whole family had been together in Scotland over Christmas when Clare, one of their two daughters, and her family had flown in from New Zealand.