Continue reading "Trusts: Perception vs reality"
The appeal concerned Nettlebed School in Oxfordshire. In 1914 and 1928, Mr Robert Fleming conveyed land to Oxfordshire County Council (the council) under the School Sites Act 1841 (SSA 1841). The benefactions enabled a new school building to be built. The school operated on the site until 2006. In the 1990s, the council decided to relocate the school to a new building with improved facilities on other land owned by the council (adjacent to the old site), and the pupils moved to the new building in February 2006. The council’s plan was to sell the old site to pay o...
The trustees of a settlement sought directions as to whether they could advance capital to certain beneficiaries pursuant to their powers under s32 Trustee Act 1925, as varied by a clause of the trust deed, so as to bring the trust to an end. They sought a declaration as to whether the proposed advancements were within the power as a matter of construction, (ie whether there were beneficiaries with interests prior to those of the beneficiaries in whose favour the advancements were to be made, whose consent was required), and, presuming that they were within that power, the court...
This was an application by P (a current trustee) to be appointed as sole trustee of the trust under s31(1) Trustee Act 1975 (Bermuda), and for liberty to manage the assets of the trust on the basis that it had been validly appointed as trustee by a deed dated 1 July 2015.
The trust was established by a deed dated 22 June 1965 between the settlor and the original trustee. It was a discretionary trust, with the beneficiaries including the settlor and his brothers then living or born at any time thereafter, subject to certain limitations in favour of the male line of descend...
The claimants were four of the five trustees of a trust. The defendant was the other trustee. The trust property included the share capital of a holding company (‘the holding company’) which in turn had a wholly owned subsidiary (‘the subsidiary’). A third company (‘the trading company’), the shares of which were also held by the holding company, occupied and traded from premises owned by the subsidiary, to which it paid rent. This, together, with distributions of profits, generated the majority of the income flowing to the trustees. In 2016, a revocable appointment of a life interest ha...
Continue reading "Trusts: Lost in translation"
Continue reading "Trusts: Keeping up with the times"
Continue reading "Trusts: A benefit or a burden?"
Continue reading "Trusts: Hush money"
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...