December 2010 #122 – Law Journals

Musings From Manchester: Brave new world

Geoffrey Shindler challenges readers to forecast the future for trusts and estates work ‘No-one is suggesting that human nature has changed, so why is it that we keep being told that the world has changed and unless we change with it there is no future for us?’Christmas is coming, but then so are a lot …

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Joint Guidance: Certainty about trustee residence?

Robert Blower and James d’Aquino assess the usefulness of STEP and HMRC guidance for practitioners ‘Prior to introduction of the updated legislation, the definitions of trustee residence for CGT and income tax were sufficiently distinct that trustees could find themselves resident for CGT but not income tax, and vice versa.’In response to widespread concern among …

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Changes To The Will: When the testator’s choice prevails

Catherine Paget and Scott Taylor discuss removal of executors and trustees from an estate ‘An executor is not usually called upon to make important decisions; their role is essentially to determine the extent of an estate and to distribute it in accordance with the testator’s directions.’This case, decided in February 2010 by Mr Justice Newey, …

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Trustees: Keeping track of your beneficiaries

Jo Summers and Caroline Eady outline the lessons to be learnt from AON Pension Trustees Ltd ‘AON Pension Trustees Ltd v MCP Pension Trustees Ltd [2010] confirms, for the first time, that the protection afforded by s27 of the Trustee Act 1925 can be extended to trustees of pension schemes.’The case of AON Pension Trustees …

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EU And Succession Laws: Are we there yet?

Richard Frimston gives an update on the progress of EU regulations affecting cross-border estates ‘There is some uncertainty as to whether England and Wales would recognise separate regimes in relation to movables and immovables, which would be valid under the Hague Convention.’The European Commission (the Commission) thinks that cross-border inheritance tax issues are a growing …

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Wills: Right of way

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Charlotte Simm reviews a case that highlights the need for absolute clarity in will drafting ‘While the vesting of the legal estate in the properties was by force of the assents, in order to ascertain the legal position on the right of way it was legitimate to read and construe the assents and the will …

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Fiduciary Duties: The art of misdirection

Rachel Mainwaring-Taylor finds Aerostar a timely reminder of how directors must be aware of their duties when dealing with multiple companies ‘From a commercial point of view, that there is nothing preventing an individual from holding the office of director in more than one company. In such circumstances they will be obliged to act in …

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Charities: Taking the power back

Zahra Kanani considers the results of a recent consultation over disposal of land by charity trustees ‘The general position, as set out in s36(1) of the Charities Act 1993 is that “no land held by or in trust for a charity shall be conveyed, transferred, leased or otherwise disposed of without an order of the …

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