Trusts

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Practice notes
The term 'relevant property' defines a category of trust property which is subject to a special regime for inheritance tax (IHT). As described in...
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Produced in partnership with Paul Davies of Clarke Willmott 9th Nov
Practice notes
On the face of it, there would appear to be no specific impediment, if there is no reason to suppose that a person is without capacity, in them...
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9th Nov
Practice notes
Offshore income gains (OIGs) are gains realised on the disposal of interests in offshore funds which are either:•non-distributor offshore funds, or...
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9th Nov
Practice notes
The issue of sham is most likely to be raised by the settlor's creditors or former spouse if the settlor is involved in matrimonial proceedings, who...
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9th Nov
Practice notes
A trust is formed either by lifetime gift or on death when a person (the settlor) transfers assets to another person or persons (the trustees) to hold...
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Produced in partnership with Mourant Ozannes and Carey Olsen 9th Nov
Practice notes
When trustees are engaged in trust litigation, issues often arise as to how their litigation costs are to be funded. A Beddoe application is the best...
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Produced in partnership with Kate Davenport QC of Outer Temple Chambers and Jovana Nedeljkov of Bankside Chambers 9th Nov
Practice notes
This Practice Note outlines Bermuda trust law and focuses upon its unique features and recent reforms, such as Bermuda's regime for private trust...
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Produced in partnership with Vanessa Lovell Schrum and Caljonah Smith of Appleby, Bermuda 9th Nov
Practice notes
Trust litigation has been classified as being of three types:•a dispute as to the trusts on which trustees hold the subject matter of the settlement•a...
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9th Nov
Practice notes
Where a beneficiary either:•is a minor (ie under the age of 18) and unmarried or•has attained majority or has married under that date but is required...
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9th Nov
Practice notes
Duration of a trustThe duration of an express trust is subject to the restrictions imposed by the rules against remoteness of vesting and against the...
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9th Nov
Practice notes
Duty to distribute to the correct beneficiariesOn the termination of the trust, the trustees are under a duty to distribute the trust assets to the...
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9th Nov
Precedents
This Deed of Appointment is made on [date] by [trustee] of [address] and [trustee] of [address] (the Trustees).Background(A)This Deed is supplemental...
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9th Nov
Precedents
This partial deed of revocation is made on [date] by [donor] of [address].1I granted a Lasting Power of Attorney for [Financial Decisions/Health and...
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9th Nov
Practice notes
Liferent trustsA liferent trust (or trust liferent) is a trust which, when settled, confers a use and income benefit, or both, in the trust property...
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Produced in partnership with Peter Murrin of Turcan Connell 9th Nov
Practice notes
An offshore trust is any non-UK resident trust. The liability of trustees of an offshore trust to UK inheritance tax (IHT) is not dependent on the...
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Produced in partnership with Jenny Wilson-Smith and Emma Haley of Boodle Hatfield 9th Nov
Practice notes
Express creation of trustsA trust is constituted expressly where the owner of property (the truster) transfers property to trustees to hold for...
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Produced in partnership with Yvonne Evans, Law Lecturer, Solicitor (non-practising), TEP, University of Dundee 9th Nov

Most recent Trusts content

Practice notes
This Practice Note discusses the impact of Brexit on the general processing of personal data under the General Data Protection Regulation, Regulation...
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2nd Dec
Practice notes
Important note: The Retained Regulation (EU) 2016/679 (UK GDPR) regime described in this Practice Note is the regime which is exedpected to apply once...
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2nd Dec
Practice notes
Brexit: On 31 January 2020, the UK ceased to be an EU Member State and entered an implementation period, during which it continues to be subject to EU...
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Produced in partnership with Pillsbury Winthrop Shaw Pittman LLP 2nd Dec
Practice notes
Brexit: The Retained General Data Protection Regulation, Retained Regulation (EU) 2016/679 (UK GDPR) regime described in this Practice Note is the UK...
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2nd Dec
Q&As
Formalities for a deedThe following are the necessary requirements for a deed:•it must be in writing•it must make it clear that it is intended to be a...
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Produced in partnership with Lynne Counsell of 9 Stone Buildings 2nd Dec
Q&As
This response assumes that the deed is executed by an individual.This response excludes execution under seal, by electronic signatures, by...
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Produced in partnership with Cecilia Xu Lindsey of 9 Stone Buildings 1st Dec
Practice notes
Resulting trusts represent one of the three types of trust which do not require to be declared or evidenced in writing. The others are constructive...
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30th Nov
Practice notes
What is a Quistclose trust?A Quistclose trust is an example of an ‘automatic’ resulting trust, ie a trust which arises where property is transferred...
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30th Nov
Practice notes
Coronavirus (COVID-19): This Practice Note contains guidance on subjects potentially impacted by procedural changes in response to the coronavirus...
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30th Nov
Practice notes
The meaning of words commonly found in Private Client drafting and legislation which are intended to refer to children can differ depending on the...
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30th Nov
Practice notes
FORTHCOMING CHANGE: The EU Fifth Anti-Money Laundering Directive (5MLD) was published in the EU official journal on 19 June 2018 and came into force...
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30th Nov
Practice notes
Appropriation is a process by which a personal representative or a trustee uses a specific asset in the estate or trust fund, to meet in full or in...
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29th Nov
Practice notes
Source and availabilitySourcesTrustees have certain powers conferred on them by statute, in particular by the Trustee Act 1925 (TA 1925) and the...
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29th Nov
Practice notes
Where an asset is acquired or disposed of otherwise than at arm’s length (ie there is a gift or a transfer at an undervalue), this is a disposal for...
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29th Nov
Practice notes
Who may be beneficiariesEvery person who would be capable of owning property if of full age and sound mind may be a beneficiary under a trust, even if...
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29th Nov
Practice notes
IntroductionIt is a sad fact that in many personal injury cases, particularly those involving the most catastrophic injuries, the injured person will...
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Produced in partnership with Phillipa Bruce-Kerr of Harrison Clark Rickerbys 29th Nov
Precedents
This Deed is made on [date]Parties1[insert name] of [insert address] (the Continuing Trustee)2[insert name] of [insert address] (the Retiring Trustee)...
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29th Nov
Precedents
[title eg Letter of wishes regarding [trust name]][date]To the trustees of [insert trust name] dated [insert date OR of today’s date ] (the Trust).In...
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29th Nov
Precedents
1RevocationI [full name of testator] of [address of testator] revoke all former testamentary dispositions made by me[ to the extent that and so far...
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29th Nov

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