Wills & Trusts Law Reports | Winter 2021 #185The settlement, a discretionary trust governed by the law of Jersey, was established on 18 July 2011 (the settlement). The settlor, then the chairman of an oil exploration company, originally settled £35,000. Subsequently, a further sum of $15m was settled by the settlor’s wife on 12 February 2012. The principal beneficiary, who was the chief executive officer of the oil company, and the immediate members of his family were the beneficiaries of the settlement. The second to fifth respondents (the English claimants) issued proceedings in the English High Court against the settlor, allegin...
Stephen Alexander explores when it is possible to exclude a beneficiary under a discretionary trust Typically, if a beneficiary is excluded from a class by way of exercise of a power of exclusion, he or she can take no further interest under the settlement. A power to exclude a beneficiary is a fiduciary power which, …
Continue reading "Fiduciary powers: Stocktaking"
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