Un-Tainting Protected Settlements – A Cure When Prevention Fails?
Important changes were made to the UK’s deemed domicile regime in 2017 which are now a significant area of risk for offshore trustees with UK resident settlors.
The Ties That Bind – Pugachev and what it means for Jersey
An analysis of the possible ramifications of the English High Court’s decision in Pugachev and its impact on Jersey trusts, approaches to ‘trust busting’ and the inherent risks in Jersey’s reservation of powers legislation.
UKSC Decision Curtails Limitation Period for Secondary Liability Claims – Williams v Central Bank of Nigeria [2014] UKSC 10
The UK Supreme Court has decided (in a somewhat long judgment which is worth reading to appreciate some of its subtleties) that the indefinite limitation period for actions under s 21(1)(a) Limitation Act 1980 in cases of “any fraud or fraudulent breach of trust to which the trustee was party or privy” does not apply…
Guernsey Court Opens Door to Personal Liability for Trustees
The recent Guernsey decision in Investec Trust (Guernsey) Ltd & Bayeux Trustees Ltd v Glenalla Properties Ltd (2014) has far reaching consequences for Channel Island trustees administering foreign law trusts or entering into transactions not governed by the same law as their trust. As a matter of English law, trustees are personally liable to the…
Beneficiary Secures Victory in Concealed Denial of Trust Claim
A beneficiary recently succeeded in a claim for breach of trust against his grandfather who, having declared that he held the beneficiary’s share as sub-trustee, continued to act as if he had retained the beneficial interest. The significance of the decision in Sheffield v Sheffield and others [2013] EWHC 3927 (Ch) is likely to be confined…
Jersey Revives Rule in Re Hastings Bass
An amendment to Jersey’s trust law came into force on Friday 25th October 2013 to incorporate what has become known as the rule in Hastings-Bass into statute. The rule, which has emerged from nearly 40 years of case law, has traditionally allowed trustees who have made a mistake as to their dispositive powers to apply…
A Summary: Inheritance and Trustees’ Powers Bill
Following consultation in 2009 and 2011, the Law Commission published a report entitled “Inheritance and Family Provision Claims on Death” in December 2011. This set out recommendations for reform of the law and included the draft Inheritance and Trustees’ Powers Bill. The proposals contained in the Bill will be of significance for all residuary beneficiaries…
Inheritance and Trustees’ Powers Bill
The Inheritance and Trustees’ Powers Bill due to receive it’s second reading in the House of Lords on 22nd October 2013. The Bill follows a Law Commission consultation and report and amends various provisions of the law about the distribution of estates of deceased persons and the law relating to the powers of trustees. The…
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