Re May Trust [2022] WTLR 637
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...
Brown v New Quadrant Trust Corporation Ltd & anr [2022] WTLR 49
Wills & Trusts Law Reports | Spring 2022 #186New Quadrant Trust Corporation Ltd (the trustee), a professional trustee corporation and trustee of a discretionary trust (the trust), decided to sell the trust’s shares in a company known as Lifetime Home Securities Ltd (LHS), such shares representing approximately 25% of the value within the trust. LHS had traded in home equity release arrangements but was then non-trading, with around 13 properties remaining on its portfolio and a remaining director who was 92 years old. The trustee considered that a sale of the shares was more tax efficient, would diversify the trust’s portfolio and ...
Smith & anr v Michelmores Trust Corporation Ltd & ors [2021] WTLR 1051
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...