Nature and classification of trusts

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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 12th Jan
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 Adele Isaacs of Bankside Chambers 12th Jan
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 12th Jan
Practice notes
This Practice Note provides guidance on Cayman Islands STAR trusts. For general information about the Cayman Islands, see Practice Note: Private...
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Produced in partnership with Mourant Ozannes and Carey Olsen 12th Jan
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
Practice notes
When you advise an individual on cross-border issues or offshore tax planning, it is important to establish the 'situs' (ie location) of the assets...
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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 12th Jan
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 12th Jan

Most recent Nature and classification of trusts content

Practice notes
The rules relating to perpetuities and accumulations stem from the common law and the provisions in the Perpetuities and Accumulations Act 1964 (PAA...
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9th Apr
Practice notes
Constituting the trustIn general no trust is created, whatever intention the settlor has manifested, unless legal title is vested in the trustees....
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9th Apr
Practice notes
CertaintyIn order for a settlor to create a private express trust the three certainties must be present, namely:•certainty as to the intention of the...
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9th Apr
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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8th Apr
Practice notes
Nature of trustsThe trust conceptTypically, the settlor is the original owner of property and creates a trust by conveying it to one or more trustees...
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18th Mar
Q&As
We have assumed that the trust is not a charitable trust.Where all of the beneficiaries and potential benef...
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23rd Feb
Q&As
Where a person dies intestate, Parts III and IV of the Administration of Estates Act 1925 (AEA 1925) apply to:•all the movable property of the...
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15th Feb
Q&As
Discretionary objects of powers under a trust have limited rights. Although they may not have any rights in the trust assets, they have the right in...
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22nd Jan
Q&As
In a discretionary trust, it would be unusual for there to be no ultimate default beneficiary. The default beneficiary may only become entitled at the...
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22nd Jan
Q&As
In all modern property transactions, the form TR1 completed by the purchaser(s) contains a box setting out how the owners will beneficially own the...
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Produced in partnership with Elizabeth England of 42 Bedford Row 22nd Jan
Q&As
The value of the house would be subject to inheritance tax (IHT) on the death of the testator, but if the house has been occupied by the testator as a...
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22nd Jan
Q&As
The nature of discretionary trustsThe nature of a discretionary trust is often analysed in the context of tax cases. See Pearson v IRC and Re...
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Produced in partnership with Lynne Counsell of 9 Stone Buildings 22nd Jan
Q&As
The Trusts of Land and Appointment of Trustees Act 1996 (TOLATA 1996) was introduced with the intent of simplifying the regime that existed previously...
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Produced in partnership with Chris Bryden of 4 King’s Bench Walk 8th Jan
Q&As
The need for a deed to terminate the settlement and to transfer the property or its net sale proceeds to the remainder beneficiaries will depend on...
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4th Jan
Q&As
Trustees have a general power under Trustee Act 2000 (TrA 2000), s 17 to appoint a custodian of trust assets where such power has not been restricted...
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29th Nov

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