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Pearse Trust Blog

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Beneficiaries Right To Trust Information

 
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This blog looks at the recent Bermuda case Re A Trust (2013) SC (Bda) 16 Civ. In this case, the Supreme Court of Bermuda considered the validity and effect of an ‘information control clause’ which provided the trust protector with the right to prevent disclosure of trust information by the trustee to beneficiaries. 

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Beneficiaries’ Power Of Unanimous Consent: Saunders v Vautier

 
Beneficiaries’ Power Of Unanimous Consent: Saunders v Vautier

This blog discusses the rule in Saunders v Vautier [1841] EWHC Ch J82 (05 June 1841) as set down by the England and Wales High Court in 1841. The rule is very much in force today and remains useful for trustees and beneficiaries in modern times.

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Proposed Changes To New Zealand Trusts - A Two Minute Update

 
Proposed Changes To New Zealand Trusts

The New Zealand Law Commission ("the Commission") has reviewed trust law generally, and in particular, the much outdated Trustee Act 1956.

Avoiding Family Rifts: Importance Of Appointing Independent Trustees

 
257 Avoiding Family Rifts The Importance Of Appointing Independent Trustees

This blog post highlights the importance of appointing an independent trustee as illustrated by a recent England & Wales High Court action. The case involved a discretionary trust where the settlor had appointed several family members as trustees. This later led to an acrimonious court battle. Whilst the court put to rest the legal dispute, no doubt the same cannot be said for the family feud which arose as a result of the family members having being appointed as co-trustees of the family trust.

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Succession Planning For Family Businesses

 
254 Succession Planning For Family Businesses

One of the toughest decisions that any family business may face is whether the business will be passed on to family members or sold by the retiring generation. This decision not only threatens the continuity of the business, but can threaten the family unit itself and often leads to costly litigious disputes.

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Legal Capacity Of Trusts – A Must Read For Trust Practitioners

 
248 Legal Capacity Of Trusts–A Must Read For Trust Practitioners

As we are aware, a trust is created when a settlor transfers assets to a trustee to hold for the benefit of one or more beneficiaries. The term ‘trust’ simply describes the fiduciary arrangement or relationship between those parties. It is not a legal entity, and does not have juristic personality. It is therefore incapable of holding assets, entering contracts or undertaking any other legal formalities in its own name. Indeed, as Adderly J commented in Tenesheles Trust & ors v BDO Mann Judd (Supreme Court of the Bahamas, 16 November 2009), ‘it is trite law that a trust lacks legal capacity…a trust is an arrangement, not an entity’. 

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To Pierce Or Not To Pierce The Corporate Veil - Landmark Decision P.II

 
241 To Pierce Or Not To Pierce The Corporate Veil Landmark Decision P II

In our previous blog post we examined the case Prest (Appellant) v Petrodel Resources Limited & Others (Respondents). This case involved a claim for financial remedies following an acrimonious divorce between oil tycoon Michael Prest and his former wife, Yasmin Prest.

Voidable Trusts – 4 Reasons Why Courts Can Set Aside A Trust

 
228 Voidable Trusts–4 Reasons Why Courts Can Set Aside A Trust

Trusts may be set aside by the courts (“voided”) for a variety of reasons.  In this blog we will be looking at four legal doctrines whereby the courts may set aside a trust. These doctrines apply in common lawjurisdictions:

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Understanding Trustee Duties

 
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In a previous blog post we discussed how a trust is created when a settlor transfers assets to a trustee to hold for the benefit of one or more beneficiaries. Today we shall examine in greater detail the role of the trustee with particular emphasis on the duties and obligations imposed on a trustee by law or agreement.  

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Trustee Liability For Breaches Of Trust

 
Trustee Liability For Breach Of Trust

Trustees must take appropriate care in the exercise of their functions.  Failure to do so may result in a charge of breach of trust, for which the trustee may be liable.

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