Trusts

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Precedents

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Lifetime gifts

A lifetime gift is a gratuitous transfer of ownership of any property between living persons and not made in expectation of death. In contrast, gifts

Creation of trusts—blind trusts

What is a blind trust?A blind trust is a trust that is aimed at preventing conflicts of interest arising. Usually, the settlor and beneficiary of the

Notaries and notarisation—notarisation

The principles of the notarial act are that it is:•an act of the notary and not of the parties named in the document•a record of a fact, event or

Nature and classification of trusts—the three certainties

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

Practice notes

UK taxation of offshore trusts—inheritance tax

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...

Produced in partnership with Jenny Wilson-Smith and Emma Haley of Boodle Hatfield 14th Oct

Practice notes

Liferent trusts—Scotland

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...

Produced in partnership with Peter Murrin of Turcan Connell 13th Oct

Scottish Law

Practice notes

The meaning of relevant property

The term 'relevant property' defines a category of trust property which is subject to a special regime for inheritance tax (IHT). As described in...

26th Sep

Practice notes

Offshore trusts—offshore income gains (OIGs)

Offshore income gains (OIGs) are gains realised on the disposal of interests in offshore funds which are either:•non-distributor offshore funds, or...

26th Sep

Precedents

Deed of appointment terminating discretionary trust

This Deed of Appointment is made on [date] by [trustee] of [address] and [trustee] of [address] (the Trustees).Background(A)This Deed is supplemental...

26th Sep

Precedents

Partial deed of revocation of lasting power of attorney

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...

26th Sep

Practice notes

What is an offshore trust?

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...

Produced in partnership with Mourant Ozannes and Carey Olsen 26th Sep

Practice notes

Situs of assets for succession and IHT

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...

25th Sep

Practice notes

Capacity to litigate

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...

25th Sep

Practice notes

Trustees—power of advancement

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...

25th Sep

Practice notes

Cayman Islands STAR trusts—common uses

This Practice Note provides guidance on Cayman Islands STAR trusts. For general information about the Cayman Islands, see Practice Note: Private...

25th Sep

Practice notes

Bermuda trusts

This Practice Note outlines Bermuda trust law and focuses upon its unique features and recent reforms, such as Bermuda's regime for private trust...

25th Sep

Practice notes

Trust disputes—court jurisdiction and procedure

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...

25th Sep

Practice notes

Trust disputes—sham trusts

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...

25th Sep

Practice notes

Beddoe applications

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...

25th Sep

Practice notes

Termination of trusts—beneficiaries

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...

25th Sep

Most recent Trusts content

Practice notes

Variation of trusts—variation of trusts without the court's assistance

Variation of trustsAs a general rule trustees are bound to carry out the settlor's wishes. However, circumstances may arise where a variation is...

26th Sep

Practice notes

Dealing in property or property investment?

Whether a property transaction is an investment or trading (ie dealing) activity is of key importance to each of the parties to the transaction since...

26th Sep

Practice notes

Administration of trusts—trustee investment in commercial property

Commercial propertyCommercial property is that which is intended to produce a financial return for its owner by being used or occupied by businesses....

26th Sep

Practice notes

Taking security from trust funds

BREXIT: As of 31 January 2020, the UK is no longer an EU Member State, but has entered an implementation period during which it continues to be...

26th Sep

Practice notes

Creation of trusts—asset and liability statement

Gathering information from the clientWhen taking instructions it is preferable to ensure that the client completes an asset and liability statement....

26th Sep

Practice notes

Creation of trusts—trustees

Appointment of original trusteesThe trustees must be clearly identified in the settlement deed. For example:'THIS SETTLEMENT is made the ....... day...

26th Sep

Practice notes

Creation of trusts—by exercise of trustees powers

Creation of new trusts in the exercise of powers under existing trustsFor capital gains tax purposes, if property passes into a new settlement, there...

26th Sep

Practice notes

Creation of trusts—the client's objectives

Preliminary considerationsBefore commencing work the solicitor drafting the settlement deed must be clear in their mind what they are seeking to...

26th Sep

Practice notes

Creation of trusts—taking instructions for a trust

The Solicitors Regulation AuthorityThe Solicitors Regulation Authority (SRA) Codes of Conduct, contained in the SRA Standards and Regulations, are in...

26th Sep

Precedents

Execution clause—charities (incorporated)—deed

Option 1 Executed as a deed by affixing the common seal of [insert the name of the charitable company] in the presence of: [allow...

26th Sep

Precedents

Execution clause—non-Companies Act corporate bodies—deed

Option 1—fixation of the common seal—general Executed as a deed by affixing the common seal of [insert the name of the corporate...

26th Sep

Precedents

Execution clause—administrative receiver—deed

Option 1—deed executed by administrative receiver under the company’s common seal Executed as a deed by [insert name of company]...

26th Sep

Precedents

Execution clause—power of attorney—deed

Option 1—deed executed by an individual attorney in the presence of a witness Executed as a deed by [insert name of individual]...

26th Sep

Precedents

Execution clause—charities (unincorporated)—deed

Option 1 Signed as a deed on behalf of the [trustees OR transferors] by [insert name of trustee] and [insert name of trustee], two...

26th Sep

Precedents

Execution clause—administrator—deed

Option 1—deed executed by administrator under the company’s common seal Executed as a deed by affixing the common seal of[insert...

26th Sep

Precedents

Execution clause—company—deed

Option 1—deed executed by a company under its common seal (model articles, where the authorised signatory is an...

26th Sep

In-house

Precedents

Clause providing trusts for a disabled person

If [insert the full name and description of the disabled person who is the object of the trust, eg my said son Joe] of [insert full address of...

26th Sep

Precedents

Notice of severance of joint tenancy

To [insert name of second joint tenant] of [...

26th Sep

Precedents

Will—to spouse absolutely, then to children in equal shares absolutely with disabled child’s share being settled on trust

1RevocationI [full name of testator] of [address of testator] revoke all former testamentary dispositions made by me[ to the extent that and so far...

26th Sep

Precedents