Afridi & Angell | Canada | 9 Dec 2021
The administration of an estate can be a complex and intimidating process at the best of times. If the estate in question has international…
Wilson Harle | New Zealand | 19 Oct 2021
The provision of information, including legal advice, was recently considered by the Supreme Court. The appeal to the Supreme Court was heard before the Trusts Act came into full effect. Nevertheless, the Court made observations on the position under the new legislation. Trustees in receipt of a request for information by a beneficiary should consider the documents sought and the......
Walkers | Jersey, United Kingdom | 12 Oct 2021
The Royal Court of Jersey has recently provided helpful guidance in relation to what it means to provide a beneficiary with a “benefit”. Click to…
Bryan Cave Leighton Paisner LLP | United Kingdom | 12 Oct 2021
In a recent English judgment, Vale SA and others v Steinmetz and others [2021] EWCA Civ 1987, which concerned the effect that an arbitral award had…
Vasil Kisil & Partners | Ukraine | 11 Oct 2021
Since July 2021 there is a lot of fuss around the UBO disclosure. The Law of Ukraine "On Preventing and Counteracting to Legalization (Laundering) of…
Kingsley Napley | United Kingdom | 30 Sep 2021
While testators generally have freedom to decide how to dispose of their assets in England and Wales, there are limits to this freedom, including…
Kozusko Harris Duncan | USA | 23 Sep 2021
The estate of a deceased US taxpayer recently lost its argument that the Internal Revenue Service (IRS) should have assessed only the 5% penalty levied on US owners who fail to ensure that their foreign trust files an annual return in a timely manner. The IRS assessed a penalty because both Form 3520, Annual Return to Report Transactions with Foreign Trusts, and Form 3520-A, Annual......
Bird & Bird LLP | European Union | 9 Sep 2021
The European Commission recently unveiled four legislative proposals that constitute the new rulebook for Anti-Money Laundering and Combating the…
Ogier | Cayman Islands | 26 Aug 2021
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......
Ogier | Global | 29 Jul 2021
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......