Wills & Trusts Law Reports | Winter 2022 #189The late claimant was the settlor of eight family trusts of which Equity Trust (Jersey) Ltd was the original trustee. Two of the trusts, ZII and ZIII, both Jersey discretionary trusts, were relevant to the proceedings.
In 2006, Equity Trust retired as trustee and was replaced by Volaw Trustees Ltd. Equity Trust had the benefit of an indemnity. In 2008, a property crash led to the trusts becoming insolvent. In 2012, a company owned by ZII and in compulsory liquidation issued proceedings against its director and Equity Trust, which notified Volaw of its intention to rely on the inde...
Wills & Trusts Law Reports | Summer 2022 #187The trustee of a Jersey trust known as the May Trust made a Public Trustee v Cooper Category 2 application for a ‘blessing’ of its decision to make a distribution to a beneficiary (B). The primary purpose of the distribution was to allow B to benefit a charity, which was also a beneficiary of the trust. The application was uncontentious.
The trust had been declared in 2000 by a deed of appointment. The appointing trust had been settled by B’s father in Cayman in 1982. The governing law of the May Trust was changed from Cayman law to Jersey law. The assets of the appointing trust w...
Nick Williams, James Angus and Matthew Davies discuss a sham trust case that raises pertinent points for both practitioners and trustees Even a trustee who is recklessly indifferent to the intentions of the settlor must, independently, have a positive intention to mislead third parties. In its judgment in Cohen and Crooks as Joint Administrators of …
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Wills & Trusts Law Reports | Autumn 2021 #184The testatrix (T), whose husband predeceased her, was survived by her four children, B1, B2, B3 and B4. T had appointed B3 and the partners of a solicitor firm as the executors of her will. She left the residue of her estate on trust to be divided into four equal shares: one for the benefit of each of B1, B2 and B3, and the fourth upon discretionary trusts, which included a wide power of appointment, for the benefit of B4 and his children and remoter issue. At the time of the hearing, B4 had three adult children and one minor grandchild. T died in 2010 and probate of her will was granted...
Wills & Trusts Law Reports | March 2017 #167The plaintiffs were the former trustees of the Tchenguiz Discretionary Trust (the ‘trust’), which had been established in Jersey by Declaration of Trust dated 26 March 2007 for the benefit of a class of beneficiaries comprising Robert Tchenguiz and his children a remoter issue. The Trust was funded initially by an appointment from the Tchenguiz Family Trust which had previously been established in the British Virgin Islands. Subsequently, the trustee of this trust entered into a loan agreement for borrowing of monies from Kaupthing Bank (the ‘bank’) and then made an appointment of assets...
