Re Portman Estate [2015] provides useful pointers on modernising a trust. Georgia Bedworth reports ‘Where powers are more restrictive than might be found in a modern settlement, s57 Trustee Act 1925 is a means by which trustees can update their administrative powers to allow adaptation to modern circumstances.’ Most settlements are designed to be long-term …
Continue reading "Trustees’ Powers: Expanding the scope"
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Wills & Trusts Law Reports | June 2015 #150This claim comprised various applications relating to the trusts of the Portman Estate, which own significant real property in London and elsewhere. There are several separate settlements, whose property is held in various funds. The claim was brought by the trustees, without naming any defendants. However, two key beneficiaries consented to the proposed application in writing.
The trustees sought orders under s57 Trustee Act 1925 conferring various powers on the trustees of various different trusts of the estate. None of the powers sought affected the beneficial interest...
Wills & Trusts Law Reports | January/February 2014 #136
This was an application by the trustees of a trust arrangement forming part of Schemes of Arrangement following the insolvency of English & American Insurance Company Ltd (EAIC). The trustees were unable to make distributions to the vast majority of beneficiaries under the trust owing to the existence of a small subset of beneficiaries who potentially had rights under the fund. Accordingly the trustees made an application under s57 of the Trustee Act 1925 for power to apportion the trust fund or alternatively for power to make interim distributions either under the court’s...
