Trustees

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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
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 Trustees content

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 age but is required...
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12th Apr
Precedents
[To add to the recitals:]The [Continuing Trustees [and the] AND/OR New Trustees] have agreed to give the Retiring Trustees the indemnity set out...
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9th Apr
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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9th Apr
Practice notes
A trustee may be removed against their will in any of the following ways:•under an express power in the trust instrument•under section 36(1) of the...
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9th Apr
Practice notes
Original trusteesTrustees will usually be appointed by the instrument that brings the trust into existence. The trust instrument should also make...
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9th Apr
Practice notes
Nature of powersA trustee's powers may be either:•administrative, ie powers relating to prudent management in the discharge of the trustee's duty to...
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9th Apr
Practice notes
The self-dealing ruleThe self-dealing rule is connected to, but distinct from, the fair dealing rule as well as the genuine transaction rule. There is...
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9th Apr
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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9th Apr
Practice notes
General lawThe original trust fundFor a settlement to be effective it needs property to be subject to the trusts. When a settlement is created the...
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9th Apr
Practice notes
General investment powerThe powers possessed by trustees to administer a trust effectively emanate from statute, mainly the Trustee Act 1925 (TA 1925)...
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9th Apr
Practice notes
What is a trust corporationMany law firms have a trust corporation to undertake fiduciary roles, such as the appointment of a trust corporation as an...
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9th Apr
Practice notes
In principle, the office of the trustee is lifelong. Nevertheless, a trustee may retire in a number of ways:•by the exercise of a provision in the...
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9th Apr
Practice notes
Nature of dutiesThe difference between a duty and a power is:•the performance of a duty is obligatory•powers are to a greater or lesser degree...
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9th Apr
Practice notes
STOP PRESS: On 11 March 2020, the Court of Appeal issued a judgment allowing both appeals in the Dawson-Damer v Taylor Wessing LLP case as to (1)...
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Produced in partnership with Adam Carvalho, Owen O'Rorke and Alan Baker of Farrer & Co 9th Apr
Practice notes
This Practice Note is the first of two Practice Notes covering the data protection regime and its application to trustees. In this Practice Note, the...
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Produced in partnership with Alan Baker and Owen O'Rorke of Farrer & Co 8th Apr
Q&As
Under section 10(1)(b) of the Mental Capacity Act 2005 (MCA 2005), a trust corporation can be a donee of a lasting power of attorney (LPA) for...
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23rd Mar
Q&As
On the death of the last surviving trustee, the power to appoint new trustees would vest in that trustee's personal representatives, as set out in...
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18th Mar
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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17th Mar
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...
Read More >
17th Mar
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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17th Mar

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