Private client law Books

Book SynopsisOver six million powers of attorney are now registered in England and Wales. With more people living to an older age that number is growing daily. But getting a power of attorney registered is the easy part - what do you do when you actually have to use the powers to manage the finances of someone else, whether they are a relative or friend? Powers of Attorney for Property & Finance: A User's Guide is the plain English guide which will help you manage your own situation more confidently. It is written by Ann Stanyer, a solicitor with nearly 40 years experience in advising her own clients, and she has used that wisdom to set out clearly and concisely what your responsibilities are and how you should act to avoid disputes. It answers all the key questions you will have such as: when should you start using your power of attorney? What records do you need to keep? How can you work with the banks? What happens if there is a complaint against you? It also provides invaluable guidance on some of the more complex aspects of acting as an attorney such as deciding one what gifts can be made and things to look out for it there are foreign assets or holiday homes to be managed. Throughout the text, Ann uses case studies and practical examples to bring the process to life which makes the book the essential companion for everyone taking on this necessary but often daunting role. The book is also fully up to date with the new Powers of Attorney Act which became law in July 2023.

Read more less

Book SynopsisThis text, first published by STEP in 2007 and now in its third edition, reviews the difficulties that arise on the transfer of trusteeships, particularly in respect of the negotiation of indemnities, and sets out a suggested approach. It contains: * a core section dealing with trusts governed by English law; * jurisdictional chapters, which explain the differences under local law for trusts governed by the laws of The Bahamas, Bermuda, the British Virgin Islands, the Cayman Islands, Guernsey, Hong Kong, the Isle of Man, Jersey, New Zealand and Singapore; * precedent deeds of change of trustee for each of those jurisdictions; * a detailed drafting commentary; * a U.S. commentary which outlines general principles involved in the transfer of trusteeships of U.S. trusts and general tendencies among states, with a particular focus on the trusteeship laws of the State of New York; and * a table of references listing the statutes and cases, for ease of reference. The text is an essential reference work for any legal practitioners, trust company professionals and others involved in advising on the transfer of trusteeships.Trade ReviewEach chapter is tersely written, to get to the nub of the issues and the book includes chapters devoted to practice in various non-Australian jurisdictions including England... -- D W Marks QC * Queensland Law Reporter *In my view, ‘A Practical Guide to the Transfer of Trusteeships’ is the most relevant and, therefore, important work in the whole area of trusts and trusteeships. -- Edward Buckland * LGL Trustees, Trusts & Trustees *Table of ContentsForeword to the 1st edition 7 The Honourable Mr Justice David Hayton Table of legislation 9 Cases 13 STEP 15 1. Introduction 17 Richard Williams Queensland Bar 2. English law trusts 21 2.1 Statutory and express powers of retirement, removal and appointment 21 2.2 Trustees’ lien 29 Nicholas Le Poidevin QC New Square Chambers 2.3 Indemnities 35 Arabella Murphy Maurice Turnor Gardner LLP 2.4 Inspection and transfer of trust documents 43 Toby Graham Farrer & Co Richard Williams Queensland Bar 2.5 Contentious cases 51 Toby Graham Farrer & Co 2.6 Trustee indemnity insurance 55 Toby Graham Farrer & Co 3. Bahamian law trusts 61 Theo Burrows Higgs & Johnson 4. Bermuda law trusts 71 Craig MacIntyre Alec Anderson Conyers Dill & Pearman 5. British Virgin Islands law trusts 79 Christopher McKenzie O’Neal Webster (UK) LLP 6. Cayman Islands law trusts 87 Tony Pursall Mourant Ozannes 7. Guernsey law trusts 97 Alison MacKrill Appleby (Guernsey) LLP 8. Hong Kong law trusts 107 Richard Norridge Joanna Caen Herbert Smith Freehills 9. Isle of Man law trusts 123 John Rimmer Advocate John Rimmer 10. Jersey law trusts 127 Steve Meiklejohn Ogier 11. New Zealand law trusts 137 John Hart Barrister and Notary 12. Singapore law trusts 149 Yee Hoong Chua Withers KhattarWong 13. United States trusts 159 G Warren Whitaker, Day Pitney LLP 14. Commentary on the model precedents 171 Richard Williams Queensland Bar Charles Pitter Kleinwort Hambros Helen Ratcliffe Judith Morris Bircham Dyson Bell LLP 14.1 Format of the precedents and general comment 171 14.2 Overall approach to indemnities 174 14.3 Use of the precedents 175 14.4 Drafting comments on the precedents 176 14.5 Adapting the offshore precedents to suit other cases 195 Appendices 197 Precedents for the transfer of trusteeships Appendix A 197 English law precedents Helen Ratcliffe Bircham Dyson Bell LLP Appendix B 243 Bahamian law precedents Theo Burrows Higgs & Johnson Appendix C 255 Bermuda law precedents Craig MacIntyre Alec Anderson Conyers Dill & Pearman Appendix D 281 British Virgin Islands law precedents Christopher McKenzie O’Neal Webster (UK) LLP Appendix E 293 Cayman Islands law precedents Tony Pursall Mourant Ozannes Appendix F 319 Guernsey law precedents Alison MacKrill Appleby (Guernsey) LLP Appendix G 345 Hong Kong law precedents Richard Norridge Joanna Caen Herbert Smith Freehills Appendix H 357 Isle of Man law precedents John Rimmer Advocate John Rimmer Appendix I 383 Jersey law precedents Steve Meiklejohn Ogier Appendix J 403 New Zealand precedents John Hart Barrister and Notary Appendix K 429 Singapore law precedents Yee Hoong Chua Withers KhattarWong About the authors 441

Read more less

Book SynopsisTrust disputes can be tremendously costly, in terms of legal fees, hiring experts and lost opportunity costs, as well as the costs attendant with the often emotionally charged atmosphere that can pit family members against one another. Despite the high toll, trust litigation continues to increase around the world – both in the number of matters being initiated and the amounts in controversy – as trust instruments become increasingly important vehicles in the management and transfer of wealth of various sizes. Preventing a fire is substantially less costly than fighting one. Identifying and appreciating the potential causes of trust disputes puts settlors, trust officials and beneficiaries in the best position to prevent a dispute from developing or accelerating. This Special Report examines the causes of trust disputes and explores the steps that settlors, trustees, beneficiaries and others can take during each stage of a trust’s lifecycle – design, execution, administration and termination – to reduce the risk of sparking a dispute. Supported by real world experience and input from leading international trust practitioners, including estate planners, general counsel and experienced trust litigators, this Special Report delves into key concepts such as: thoughtful design of a trust’s governance; incorporating flexibility and adaptability into a trust structure; the need for constructive communication and engagement between fiduciaries and beneficiaries; practices and procedures trust officials should consider implementing in trust administration; and how trustees and beneficiaries can avoid adding fuel to the fire once a dispute arises. The authors also examine the benefits of involving different perspectives, including those of experienced trust litigators, at various stages of the trust’s lifecycle, and offer practitioner insight into the measures and approaches both fiduciaries and beneficiaries should consider taking when a dispute first presents itself. Filled with real-world practitioner guidance, perspective and insight on issues of critical importance to fiduciaries, trust officials and beneficiaries alike, this Special Report is essential reading.Trade ReviewThe beauty of this special report is that it contains real-world practitioner guidance, perspective, and insight on issues of critical importance to fiduciaries, trust officials and beneficiaries alike. -- Elizabeth Robson Taylor and Philip Taylor MBETable of ContentsAcknowledgements 7 I. Introduction 9 1. Trends in trust disputes 10 1.1 Deep fakes and the metaverse 10 1.2 Family office conflicts 10 1.3 Compliance-driven conflict, litigation and court activity 11 2. Common causes of trust disputes 12 2.1 Poor drafting 12 2.2 Communication failures 14 2.3 Lack of education 15 2.4 Disenfranchisement 16 2.5 Appointment of the wrong trust officials 16 2.6 Diminished capacity (including undue influence) 19 2.7 Challenges of recollection 22 3. Our approach 22 II. Trust dispute avoidance through design 23 1. Managing the settlor’s expectations 23 2. Good drafting 24 3. Creating the appropriate governance structure 27 3.1 Checks and balances 27 3.2 Selecting the right person for each role 30 3.3 Beneficiary committees 36 3.4 Qualifications 36 3.5 Fiduciary versus non-fiduciary capacity 39 3.6 Term limits 39 3.7 Age limits 40 3.8 Designing the right process for succession (appointment and removal) 41 3.9 Compensation 41 3.10 Sharing information 44 3.11 Avoiding co-trustee dysfunction 44 4. Communicating with the beneficiaries (or not): the duty to inform and the use of quiet trusts 47 5. Incorporating flexibility and adaptability into the trust 50 5.1 Power to add and remove beneficiaries 51 5.2 Variation or modification 53 5.3 Decanting 53 5.4 Changing situs 54 5.5 Changing governing law 54 5.6 Termination 55 6. Selecting appropriate liability and evidentiary standards 55 7. Using no-contest or forfeiture provisions to discourage disputes 56 8. Incorporating processes for non-judicial dispute resolution 57 9. Getting the litigator’s perspective during the drafting process 59 10. ‘Failure mode and effects analysis’: early detection of potential issues and warning signs 66 III. Minimising trust disputes through thoughtful execution 69 1. Family dynamics redux 69 2. Witnesses 70 3. Presence of individuals other than the settlor and witnesses 72 4. Self-imposed formalities 72 5. Lifetime approval of trusts 73 IV. Administration: deploying best practice and procedures 75 1. Follow the terms of the trust 76 2. Engage proactively 76 3. Communicate with the beneficiaries 77 3.1 Ongoing due diligence 77 3.2 Proactive trust accounting 79 4. Maintain good records 80 4.1 Retention practices and policies – the ‘hit by a bus’ scenario 80 4.2 Trustees and other trust officials 80 4.3 Distributions 81 4.4 Investments 82 4.5 Conflict transactions 83 4.6 Compensation 83 4.7 Taxes 84 5. Evaluate the trust and administration regularly 84 5.1 What has changed? 85 5.2 Would a change of situs be better for the trust? 86 5.3 Is modification (variation) or decanting warranted? 87 5.4 Should the trust be divided into separate trusts? 87 5.5 Are the right people (still) in the right roles? 89 5.6 Is your reliance on outside guidance (still) reasonable? 89 5.7 Are the trust officials working together effectively? 91 6. Evaluate the trust and administration when an issue arises (or maybe not) 92 7. Utilise experienced litigators outside of litigation 92 7.1 The devil’s advocate: having a litigator review proposed changes 95 V. Reducing the risk of disputes at termination 97 1. Releases, judicial accountings and indemnification 98 2. Providing information 102 3. Termination fees 104 4. Transferring assets 104 VI. Managing trust disputes 107 1. Avoid exacerbating the problem 107 2. Maintain open lines of communication 110 3. Taking a thoughtful position 111 4. Preserving lawyer–client privilege 115 5. Litigation management 116 6. Advice for beneficiaries when a dispute arises 118 VII. Conclusion 121 Notes 122 About the authors 129 About Globe Law and Business 131

Read more less