Leonard Dunthorn (Mr Dunthorn) died in 2018, leaving a will pursuant to which the residue of his estate, after a pecuniary legacy, was to pass to his sister Ruby Watts (Mrs Watts), provided she survived him by 28 days. If she did not do so, the residue was to be divided between ten named charities. Mrs Watts survived Mr Dunthorn by more than 28 days and became entitled to his residue. She in turn passed away in 2019, leaving a will which left her residue (after a number of pecuniary legacies) to 11 named charities, the first ten of which were those charities that had been named in Mr Dun...
Continue reading "Trustees: Mistaken loyalty"
The testator died in March 2015. By his last will of 14 March 2015 (the will) the testator gave the sum of £4.2m (the legacy fund) to his trustees to be held upon trust to pay the income to his widow for life, subject to an overriding power of appointment in clause 4 of the will for the benefit of a class of discretionary beneficiaries including the testator’s sister. The testator left a letter of wishes for his trustees which indicated how he wanted his estate to be shared between the various members of the discretionary class. By clause 19 of the will the statutory power of advancement...
H and C were two directors and trustees of a charitable company limited by guarantee. They, together with L, were the members of the company. In July 2015 H and C agreed that, subject to the approval of the Charity Commission or the court, C would resign as a director and member of the company and the company would make a grant of $360m to a charity founded by C.
Companies Act 2006, s217 provides that:
‘A company may not make a payment for loss of office to a director of the company unless the payment has been approved by a resolution of the members of ...
Continue reading "Deeds of variation: Mistakes and misconceptions"
The first defendant was trustee of two trusts established by the claimant and named The Milky Way Settlement Trust (Milky Way) and the Mercurius Settlement (Mercurius). Each of the second and third defendants was a company wholly owned by the first defendant as trustee. The trusts were established by the claimant following estate planning advice given to him by professional advisers at Attendus Trust Company AG (Attendus).
Milky Way was part of an offshore trust structure, established in 2009 by the claimant to acquire and hold property in England for the occupation of the claiman...
The Petitioners brought an unfair prejudice petition against the First Respondent in respect of their management of the Fourth Respondent (the Company). Following a liability trial, the First Respondents and the Company were ordered to purchase the Petitioners’ shares in the Company at a price to be determined. A quantum trial followed in which the purchase price was determined and an initial sum to be paid on account of the full price within 28 days, with the balance to be paid within 6 months. The wording of the order was left to the parties.
A purchase from the First Petitioner...
The claimants were the trustees of a number of trusts relating to an English estate, including a fund created by an appointment in 1978 (the T fund). The claim was for rectification or alternatively rescission of a deed of appointment made in 2010 relating to a sub-fund of the T fund. The defendant was the beneficiary of the relevant sub-fund. He did not oppose the claim. HMRC were aware of the proceedings but chose not to take part other than to request that certain authorities be considered by the court.
In 1930, the settlor had settled property on a strict settlement which incl...
By his will the deceased, who died in November 2010, left his estate as to one half to his widow. She, by a deed of variation complying with s142 Inheritance Tax Act 1984 ( ‘IHTA ‘) ,varied the will in order to settle her half share on a discretionary trust of which the beneficiaries were herself, her children and remoter issue. The trust included a power of appointment in favour of the beneficiaries.
In 2012, the widow was in need of additional income. The trustees proposed making an appointment to the widow giving her an irrevocable life interest in the trust f...