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Geoffrey Shindler explores our conflicting attitudes towards privacy ‘Regulation of trustees by Chancery judges underpins the whole of the trust structure. You can say what you like in a trust deed, but one thing you cannot oust is the jurisdiction of the courts who oversee the management of the trust.’Privacy. What do we have to …
Continue reading "Musings From Manchester: Trust the judges"
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Marilyn McKeever looks at the implications for trustees and their advisers in the pivotal case Futter v Futter ‘The purpose of the rule in Hastings-Bass was to protect the beneficiaries, not the trustees. The effect of the new rule in Futter is to reduce that protection significantly.’ In Futter & anor v Futter & ors …
Continue reading "Trustees: Hastings-Bass overturned?"
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John Darnton discusses Robson, which has lessons for the management of family trusts ‘In Robson the estate had not been in the family ‘for generations’ but it was Mr Robson’s case that it had been his father’s intention to create a dynastic arrangement and not just a tax-efficient structure.’In October 2010 the Court of Appeal …
Continue reading "Divorce And Trusts: Carcass of the golden goose"
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Zahra Kanani charts recent developments in tax policy ‘Each set of rules (for the First-tier Tribunal and the Upper Tribunal) are governed by an overriding objective to enable the tribunals to deal with cases “fairly and justly”.’The purpose of this article is to provide an update to some of the key points raised in Smith …
Continue reading "Tax: Current state of play"
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Peter Nellist explains the true cost of investment funds There are several reasons why lawyers and trustees need to have an overall understanding of investment costs; not least is the duty in s5 of the Trustee Act 2000 ‘to obtain and consider proper investment advice’ when considering investment of a trust’s assets. Apart from timing, …
Continue reading "Trustees: Beware the fee"
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Jenny Arnold examines a case that clarifies the position on the appointment of deputies dealing with incapacitated adults ‘The Mental Capacity Act 2005 is designed to protect the autonomy of the incapacitated individual and ensure that decisions with regard to that individual are made in the most appropriate manner.’The Court of Protection has confirmed the …
Continue reading "The Court Of Protection: Decision time"
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Duncan Bailey reviews how jointly owned property is valued for IHT purposes in light of recent case law ‘The related property rules modify this basic valuation principle. This rule applies to property owned by spouses (or civil partners) where the items are worth more when valued together than separately. Each spouse’s property must be valued …
Continue reading "IHT: Related property rules update"
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Identifying the correct tax treatment for a trust now requires a detailed knowledge of its history, as Ruth Moore reports ‘The CGT position will depend on how well the trust deed was originally drafted. If it is badly drafted then you may have a reversion to the settlors’ estate at no gain/loss if the trustees …
Continue reading "Tax And Trusts: Know your trust"
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Paul Davies finds Carl Islam’s Tax-Efficient Wills Simplified an excellent summary for practitioners T ax-Efficient Wills Simplified is intended to be a practical guide to an area of law that many people may find confusing or worrying: how to write a good and effective will that will ensure the maximum benefits to the testator’s heirs. …
Continue reading "Book Review: A thorough and concise read"
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A recent Canadian case confirms the UK position on the scope of fiduciary obligations, as Suzana Popovic-Montag and Sarah Halsted report ‘Most significantly, the court in Galambos v Perez conceptually analysed the nature of fiduciary obligations and concluded that it is not the case that all power-dependency relationships are fiduciary in nature.’In Galambos v Perez …
Continue reading "Fiduciary Duties: Acknowledgement is key"
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