Re X Foundation Trust [2022] WTLR 1165

Wills & Trusts Law Reports | Autumn 2022 #188

The sole trustee of the X Foundation Trust, a Bahamas trust, applied to the court for directions pending the determination of two sets of proceedings before a foreign court (the foreign court proceedings), with respect to the mental capacity of the settlor of the trust (the settlor).

The trust was a discretionary trust whose class of beneficiaries included the settlor and members of his family, as well as companies which received distributions from the trust to pursue charitable activities. The trust instrument provided for a protector, termed an appointor, with power to appoint a...

Mazzoleni v Summerhill Trust Company (Isle of Man) Ltd [2021] WTLR 1409

Wills & Trusts Law Reports | Winter 2021 #185

In 1994, by a series of trust deeds, Mrs Pesenti established four settlements in the Isle of Man known as the RR1, RR2, RR3 and RR4 Trusts, each of which was for the benefit of one of her children and his/her heirs. The RR2 Trust (the trust), which alone formed the subject of this case, took as its beneficiaries the appellant and her issue born before the perpetuity date, together with two named charities. The dispositive provisions of the trust required the trustees to hold the trust fund and its income on discretionary trusts for all or such one or more exclusively of the others or oth...

Re H Trust; Butterfield Trust (Bermuda) Ltd v P & ors [2020] WTLR 167

Wills & Trusts Law Reports | Spring 2020 #178

Held:

1) On the wording of the trust deed, the protectors of the trust had to act jointly. The unilateral designation of the first successor protector was therefore invalid, as was his purported designation of P as his successor protector.

2) Since the powers of the protector under the trust deed – the power to remove and appoint trustees, power to move the situs of the trust and authority to require and approve accounts – were fiduciary, and since the personal characteristics of the individual originally appointed by the trust deed were not essential to the exercise of t...