Q&As

The beneficial ownership of some land is being transferred from Fund A to Fund B within the same trust. The trustees are the same people. Therefore, Trustee X and Trustee Y are transferring the beneficial interest to Trustee X and Trustee Y. Is there anything which prohibits such a transaction?

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Published on LexisPSL on 21/02/2019

The following Private Client Q&A provides comprehensive and up to date legal information covering:

  • The beneficial ownership of some land is being transferred from Fund A to Fund B within the same trust. The trustees are the same people. Therefore, Trustee X and Trustee Y are transferring the beneficial interest to Trustee X and Trustee Y. Is there anything which prohibits such a transaction?

The beneficial ownership of some land is being transferred from Fund A to Fund B within the same trust. The trustees are the same people. Therefore, Trustee X and Trustee Y are transferring the beneficial interest to Trustee X and Trustee Y. Is there anything which prohibits such a transaction?

First, the terms of the trusts governing Fund A and Fund B should be examined to establish that:

  1. Fund A has a power to transfer the property, for example, by way of a power of appointment or by way of sale

  2. Fund B has a power to accept the property on the terms of the appointment, and

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