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Forsters LLP | United Kingdom | 2 Sep 2021

Asset protection considerations for UK property owners

When acquiring UK property, purchasers should seek advice on the broader tax and legal implications. As with any substantial acquisition or investment, there will always be potential pitfalls. Taking advice from the outset will enable proactive planning and help to avoid costly future challenges.
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Ogier | Cayman Islands | 26 Aug 2021

Reforming STAR trusts

Recently, for the first time, the Grand Court dealt with the variation of trusts established under the special trusts alternative regime (STAR). The trustee of the STAR trusts in question had applied to the court to reform the trusts through cy-pres, pursuant to section 104 of the Trusts Act, on the basis that the trusts' execution had become obsolete. This decision shows the willingness of......
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Ogier | Global | 29 Jul 2021

Battle of beneficiaries: how to avoid no man's land for trustees

As much as every trustee desires harmony and familial good will, the reality of modern trusteeship can be different. With the ever-increasing rise in high and ultra-high net worth structures, often in a dynastic setting, the potential for disharmony, or downright hostility, among beneficiaries is on the rise. Every situation will have its nuances and particular difficulties. However, this......
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Ogier | Cayman Islands | 22 Jul 2021

Structuring from the foundations to the stars: Cayman foundation companies and STAR trusts

The Cayman Islands boasts a variety of innovative and flexible vehicles and structures, beyond the basic trust instruments, which can meet the structuring requirements of a range of entities, from charities to commercial ventures. Foundations and special trust alternative regime trusts are among the structuring options available; while they are similar in terms of the flexibility that they......
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Ogier | Jersey | 20 Jul 2021

To exclude, or not to exclude, that is the question

The Royal Court recently decided to bless a trustee's decision to exclude a hostile beneficiary. This is a useful example of the Court's jurisdiction to bless momentous decisions of a trustee, but it also serves to highlight key considerations for trustees when it comes to excluding beneficiaries. If there are various options available under a trust instrument in order to exclude a......
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Ogier | Jersey | 15 Jul 2021

To exclude, or not to exclude, that is the question

The Royal Court recently decided to bless a trustee's decision to exclude a hostile beneficiary. This is a useful example of the Court's jurisdiction to bless momentous decisions of a trustee, but it also serves to highlight key considerations for trustees when it comes to excluding beneficiaries. If there are various options available under a trust instrument in order to exclude a......
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Ogier | Guernsey | 7 Jul 2021

Snapshot: investment losses

Investors contemplating bringing a claim against a trustee or fund manager must consider various factors, including contract wording, the global investment climate and timing. They must also consider that a claim may not be possible because of limitation, due diligence, trust instrument or investment management contract and loss.
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Ogier | Jersey, USA | 11 Apr 2019

Undue influence affecting settlors in exercising powers of revocation

A recent Royal Court decision arose out of an attempt by the settlors of trusts to exercise their power to revoke the trusts. The trustee in this case was concerned and so petitioned the Royal Court for directions. Among other things, the court's decision highlights that trustees should be aware of how a trust fund might be distributed on revocation of a trust. Trustees should also review......
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Ogier | Guernsey | 4 Apr 2019

Successful application for variation of court order and construction of trust instrument

When applying to the court for an order with respect to a trust, it is important to consider how future circumstances are changing and how this might be provided for without the need for further recourse to the court. A recent case involving a Jersey trustee, which had applied to the Royal Court of Guernsey to vary an order previously made by the Royal Court and to invoke the court's power to......
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Harneys | British Virgin Islands | 4 Apr 2019

Misplaced trust – what happens when your trustee goes AWOL?

In a recent case, an applicant succeeded in the increasingly commonplace but frustrating situation where the beneficiary of a revocable bare trust cannot obtain execution of the trust due to an uncooperative or defunct corporate nominee. The court ultimately granted the vesting order sought by the beneficial owner and appointed an insolvency practitioner as the statutory proper person.
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