Termination 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
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
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 12th Jan

Most recent Termination of trusts content

Practice notes
Trustees have the right to indemnify themselves from the trust fund in respect of expenses, including:•administration costs•the costs of proceedings...
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9th Apr
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...
Read More >
9th Apr
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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18th Mar
Practice notes
Winding up the trustBefore winding up the trust, the trustees must have paid or provided for all outstanding liabilities and identified the...
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11th Mar
Q&As
For the purposes of the Q&A, we have assumed the life interest trust was established by Will. We have also assumed that the remainderman has a vested...
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15th Feb
Precedents
I, [beneficiary], acknowledge that today I received from [names of trustees] the trustees of [insert name of trust] (the Trust) £[amount]. This...
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14th Feb
Q&As
It is important to note that reporting requirements will depend on how the trust has been classified for the purposes of the Foreign Account Tax...
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3rd Feb
Q&As
The term ‘bare trust’ applies to an arrangement where the legal ownership of property is in different hands to that of the beneficial ownership and...
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22nd Jan
Q&As
The Practice Note: Termination of trusts—methods of termination explains that, where an express trust is completely constituted, it is generally...
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Produced in partnership with Graham Stott of gunnercooke LLP 22nd Jan
Q&As
Where all of the members of the discretionary class and the default beneficiaries are all identified, aged 18 or over, are all of sound mind and they...
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22nd Jan
Q&As
Life tenantsA life interest trust arising under a Will is termed ‘an immediate post death interest’. The trust gives the life tenant the right to...
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Produced in partnership with Lynne Counsell of 9 Stone Buildings 22nd Jan
Q&As
Life insurance policiesThere are two main types of life insurance policies:•whole of life—which pays out the proceeds no matter how long a person...
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Produced in partnership with Lynne Counsell of 9 Stone Buildings 22nd Jan
Q&As
A deed poll is a deed made by and expressing the active intention of one party only, or made by two or more persons joining together in expressing a...
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22nd Jan
Q&As
The terms of the trust instrument can give a specified person, whether a beneficiary, the settlor or other person (‘the power-holder’), an express...
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22nd Jan

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