Disclosure: Considering entitlement

William Moffett examines when trust information should be disclosed to beneficiaries and the importance of holding trustees to account ‘Beneficiaries with fixed interests, as distinct from discretionary beneficiaries, can reasonably expect disclosure to be made to them by trustees, or to receive the assistance of the court in obtaining disclosure if it is refused to …
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Lewis v Tamplin [2018] EWHC 777 (Ch)

Wills & Trusts Law Reports | Spring 2018 #171

The claimants/applicants brought a part 8 claim, as beneficiaries of a trust of land in Glamorgan known as the Tamplin trust, for disclosure of documents and information by the defendant/respondent trustees. This claim was founded on the basis that the trustees owe a duty to account to the beneficiaries for their stewardship of the trust assets. They also made an application for pre-action disclosure; the court gave judgment on both matters.

The defendants opposed both the claim and the application on a number of grounds. Firstly, the beneficiaries had already received sufficient ...

OH v Craven
 [2016] EWHC 3146 (QB)

Wills & Trusts Law Reports | Spring 2018 #171

Two applications were before the Court, involving the proceeds of personal injury actions that had been paid into the Court Funds Office following compromises. During each action and its compromise, the claimant was represented by a litigation friend: for OH, as a minor, and for AKB, lacking in litigation capacity.

OH’s litigation friend applied to the Court for payment of the proceeds of his compromise (just under £2m) to a trustee to hold them on the terms of a bare trust for his benefit. The trustee was to be a trust corporation that was incorporated and operated by his litigat...

Lehtimaki v CIFF [2018] EWCA Civ 1605

Wills & Trusts Law Reports | Summer 2018 #172

The Children’s Investment Fund Foundation (UK) (‘CIFF’) was incorporated as a company limited by guarantee without a share capital on 8 February 2002 with the aim of improving the lives of children in developing countries. It had been founded by two of the respondents, Sir Christopher Hohn and his then wife, Jamie Cooper. Each of them, both of whom were members and trustees, had contributed to the charity’s success. The only other member, though not a trustee, was the Appellant. The present litigation had its origins in the breakdown of the relationship between Sir Christopher Hohn and J...

Akers v Samba [2017] UKSC 6

Wills & Trusts Law Reports | Summer 2017 #168

Mr Al-Sanea was the legal owner of shares in five Saudi Arabian banks, including Samba Financial Group (appellant). As a result of six transactions between 2002 and 2008 Mr Al-Sanea agreed to hold the relevant shares in trust for Saad Investments Co Ltd (SICL), a company subject to the laws of the Cayman Islands. Compulsory winding up proceedings of SICL commenced on 30 June 2009 and, six weeks later, Mr Al-Sanea in breach of trust transferred the legal title to the relevant shares to the appellant, purporting thereby to discharge personal liabilities which he had towards it. On 19 Augus...

IHT: Out of step

Sadiya Choudhury reviews a case considering the IHT consequences of the transfer of a reversionary interest to an offshore settlement ‘This decision is one of the few examples in which the tribunal or the courts have applied the principles of anti-avoidance as developed in the case law in an IHT context.’In Michael Lawton Salinger and …
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Easingwood v Cockroft & ors 2013 BCCA 182

Wills & Trusts Law Reports | December 2016 #165

Reginald Easingwood (Reginald) was married to Kathleen Easingwood (Kathleen) from 1983. He had four children by his first wife, who had died in 1976. In April 2001, Reginald executed an enduring power of attorney in favour of his two children acting together. Three years later, in March 2004, Reginald made a will. Under that will, Kathleen was to have an entitlement to income in a fund of $525,000 (plus adjustment for each year), which upon her death would be divided between his children, his step children, and his grandchildren. He also gave his wife a life interest in the matrimonial h...

Bagum v Hafiz & anr [2015] EWCA Civ 801

Wills & Trusts Law Reports | October 2015 # 153

The claimant and two of her sons, the first and second defendants, were trustees of a residential property in Copenhagen Street, Islington which they held on trust for themselves as tenants in common in equal shares. The parties had all contributed financially to the purchase of the property, in which they lived for some time along with the claimant’s other children. The crowded conditions led to tensions, and to the second defendant leaving the property.

The claimant issued proceedings seeking an order obliging the second defendant to sell his interest in the property to th...

Co-Ownership: A right to buy

Richard Eaton and Laura Tanguay examine some welcome clarification from the Court of Appeal on balancing the competing interests of co-owners of property under a trust of land ‘The need to establish the true market value by an open-market sale would normally outweigh the… wish for a remaining co-owner to be given a right of …
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Bayley & ors v SG Associates & ors [2014] EWHC 782 (Ch)

Wills & Trusts Law Reports | October 2014 #143

Mr John Bayley settled property on trust on 17 November 1983. He died in 1987. The trust was established with the assistance of the settlor’s longstanding business associate and friend, Mr Derek Gray, who provided various services to the trust through the first defendant, SG Associates (SGA), a company of which he was a director. From 1998, Mr Gray was also director of a US company known as Clean Diesel Technologies (CDT), which developed, designed, marketed and licensed technologies and solutions for the reduction of emissions from combustion engines. He was also a director of SGA...