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El. knyga: Drafting Cayman Islands Trusts

Tony Pursall, James Kessler QC

Formatas: 496 pages
Išleidimo metai: 14-Nov-2006
Leidėjas: Kluwer Law International
Kalba: eng
ISBN-13: 9789041150547

Kitos knygos pagal šią temą:

Taxation & duties law

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Formatas: 496 pages
Išleidimo metai: 14-Nov-2006
Leidėjas: Kluwer Law International
Kalba: eng
ISBN-13: 9789041150547

Kitos knygos pagal šią temą:

Taxation & duties law

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The Cayman Islands is one of the world's leading jurisdictions for the establishment of offshore trusts. However, it is not easy for a practitioner to approach the drafting of a Cayman Islands trust instrument with confidence. This eminently practical book solves that problem to near perfection.

Arranged as a collection of precedents, with each provision of every precedent explained in detail, Drafting Cayman Islands Trusts, could hardly make the drafting process easier. The drafter learns the advantages and potential pitfalls associated with each provision as he or she prepares to draft it. The authors provide specific language, although individual variations (based on the authors' expert guidance) are encouraged.

The precedents covered including the following:

Discretionary trusts (with and without protectors)
Interest in possession trust
Reserved powers trust
Charitable trust
STAR trusts
Appointments and retirements of trustees

For additional convenience, the precedents are also provided in Word format on a CD-ROM that comes with the book.

The detailed annotation answers such key questions as the following:

Are hostile beneficiaries clauses valid?
Do automatic flee clauses work?
What powers can a settlor reserve?
How can STAR trusts be used to protect trustees holding high-risk assets?
Would STAR trusts be recognised in other jurisdictions?
How can one restrict a beneficiary's right to information and trust documents?
Can the appointment of a foreign trustee discharge a retiring Cayman trustee?
What indemnities should retiring trustees request from successors?

As a systematic approach to drafting Cayman Islands trusts, this book will be of immeasurable day-to-day value to practitioners and administrators alike.

James Kessler QC is a leading practitioner at the Revenue bar. He is the author of Drafting Trusts andamp; Will Trusts, Taxation of Foreign Domiciliaries, and Taxation of Charities.

He is a founder member of STEP and founder of the Trusts Discussion Forum.

Tony Pursall is a Cayman Islands attorney-at-law, who practices from the London office of Maples and Calder. He is a member of the STEP International Committee and of the City of London branch committee of STEP. He is the author of the Cayman Islands section of the World Trust Survey for Trusts andamp; Trustees and is a contributor to the Cayman Islands section of Planning and Administration of Offshore and Onshore Trusts. andquot;All those who work with Cayman Islands trusts, here or abroad, should leap to their feet and applaud James Kessler and Tony Pursall for this splendid work.andquot; Antony Duckworth, Partner, Charles Adams, Ritchie andamp; Duckworth

About the Authors

xxiii

Foreword

xxv

Acknowledgements

xxvii

Note on UK Finance Act 2006

xxix

Table of Abbreviations

xxxi

Part I: Trust Drafting

(344)

First Principles

(10)

Duty to the Client

(2)

Elderly or Ill Client

(1)

Does Drafting Matter?

(1)

Flexibility

(1)

Simplicity

(1)

Sources for Drafting

(2)

Statute

(1)

Law Reports

(1)

Company Law

(1)

Legal Literature and Precedent Books

(1)

Formal Qualifications for the Drafter

(1)

Money Laundering

(1)

Civil claims against the Drafter

(3)

Style

(18)

Punctuation

(2)

Use of Capitals

(1)

Sentence Length

(1)

Must Every Clause Be a Single Sentence?

(1)

Indentation

(1)

Passive Voice

(1)

Miscellaneous Points

(7)

Numbers: Words or Figures?

(1)

Style of Clause Numbering

(1)

Dates

(1)

Addresses

(1)

Two Individuals with the Same Address

(1)

Age

(1)

Singular and Plural

(1)

Male and Female

(1)

And/Provided That/But

(1)

Deemed/Treated as

(1)

Archaic and Prolix Expressions

(3)

Clause Headings

(1)

Incorporation by Reference

(1)

Artificial Rules of Construction

(1)

The Class Closing Rule

(1)

Cross-References

(1)

Obsolete Forms

(2)

Coverture

(1)

`For Her Separate Use'

(1)

Trusts for Sale

(1)

Otiose Forms: A General Comment

(1)

Principles of Interpreting Trust Documents

(18)

Introduction

(1)

General Principle

(1)

Factual Background/Previous Negotiations/Declarations of Intent

(1)

Meaning of Words v Meaning of Document

(2)

The Objective Principle

(2)

Identification of `Intention' with `Meaning'

(1)

Deemed Intention

(1)

Intention Irrelevant

(1)

Relationship between Objective Principle and Inadmissibility Rules

(1)

Relationship between Objective Principle and Literal Construction

(2)

Arguments for and against the Objective Principle

(2)

Relationship between Objective Principle and Rectification

(1)

Precedent Not the Solution

(2)

Conclusion

(1)

Are Principles of Construction of Wills and Trusts the Same as Contracts and Statutes?

(3)

`Construction Not Restricted by Technical Rules'

(3)

Beneficiaries

(28)

Too Much Money

(1)

Profligacy

(1)

A Protective Trust?

(1)

A Better Solution

(1)

Insolvency of a Beneficiary

(1)

Before or after the Bankruptcy Order is Made

(1)

Before the Bankruptcy Order is Made

(1)

Anti-Creditor Clauses

(1)

Divorce of Beneficiaries

(5)

Dealing with Beneficiary's Equitable Interest

(1)

Interest under the Trust as a Financial Resource

(1)

Variation of Marriage Settlements

(2)

Divorce of Beneficiaries: Conclusions

(1)

Anti-Alimony Forms

(1)

Marriage Under 18

(1)

Definition of `Beneficiaries'

(1)

Children and Descendants

(1)

`Children of X and Y'

(1)

Illegitimate Beneficiaries

(1)

Legitimated Beneficiaries

(1)

Adopted Beneficiaries

(1)

Definition of Children and Descendants

(1)

Stepchildren

(1)

Artificial Fertilisation

(1)

Children by Syrrogacy

(1)

Spouses of Settlor's Children and Descendants

(1)

Spouses of Beneficiaries: Drafting Points

(1)

Settlor and Spouse as Beneficiaries

(1)

Meaning of `Spouse' of Settlor

(1)

Widow of Settlor as Beneficiary of Lifetime Trust

(1)

Separated Spouse of Settlor as Beneficiary

(1)

Charities as Beneficiaries

(1)

Non-Charitable Companies as Beneficiaries

(1)

Foreign Charities and Foreign Trusts as Beneficiaries

(1)

Power to Add Beneficiaries

(2)

Power to Exclude Beneficiaries

(1)

Other Possible Beneficiaries

(1)

Dependants

(1)

Employees of Beneficiaries

(1)

Employees of Family Company

(1)

`Fall Back' Beneficiaries

(4)

Charity as `Fall Back' Beneficiary

(1)

Distant Relatives as `Fall Back' Beneficiaries

(1)

Use of Default Clause

(1)

Simple Addition to the Class of Beneficiaries

(1)

Limited Extension of the Class of Beneficiaries

(2)

Trustees

(32)

Number of Trustees

(1)

Choice of Trustees

(3)

Beneficiaries as Trustees

(1)

Professional Trustees

(1)

Corporate Trustees

(1)

Accountants as Trustees

(1)

Director of Listed Company as Trustee

(1)

Insider Dealing and Trusteeship

(1)

Custodian Trustees

(1)

Order of Trustees' Names

(1)

Flee Clauses

(1)

Conflicts of Interest

(5)

Distinguishing Personal and Fiduciary Conflicts

(1)

Trustee - Beneficiaries: Sub-Clause (4)

(1)

What Is to Be Done if There Is a Sole Trustee and No Protector?

(1)

Trustee Exemption Clauses

(4)

Construction of Exemption Clauses

(4)

Validity of Exemption Clauses

(1)

Should the Drafter Insert an Exemption Clauses?

(1)

Drafting an Exemption Clause

(1)

Commentary: Should Exemption Clauses Be Allowed?

(1)

Excluding Strict Liability

(1)

Drafting Exemption Clauses for Trustees

(1)

Drafting Indemnity Clauses for Trustees

(1)

Excluding Claims by Unknown Illegitimate Beneficiaries

(1)

Relying on Counsel's Advice

(2)

Counsel's Advice Generally

(1)

Counsel's Advice on Litigation

(1)

Excluding Duty to Supervise Family Companies

(1)

Excluding Duty to Supervise Parents and Guardians

100

(1)

Excluding Duty to Enquire into Incapacity

101

(1)

Appointment of New Trustees

101

(3)

Who Appoints Trustees?

103

(1)

Appointment of Foreign Trustees?

104

(1)

Power to Remove Trustees

104

(3)

Requirement of Two Continuing Trustees or a Trust Corporation on Retirement of Trustees

107

(1)

Further Provisions Concerning Appointment of Additional Trustees?

107

(1)

Trustees' Right to Resign

107

(1)

Short Form

108

(1)

Automatic Vacation of Office on Insolvency Proceedings

108

(1)

Trustees'Powers

109

(24)

Duties and Powers Distinguished

109

(1)

Duties or Powers: Does It Matter?

109

(1)

Powers and Duties: Terminology

110

(1)

Terms to Describe `Duties'

110

(1)

Terms to Describe `Powers'

110

(1)

Drafting Duties and Powers

111

(2)

Other Usage of `Shall' and `May'

112

(1)

Provisions about How Often and When Powers Are Exercised

113

(2)

Should True Powers Have Time Limits?

113

(1)

Should Discretionary Duties Have Time Limits?

113

(1)

Powers Exercisable `At Any Time' and `From Time to Time'

114

(1)

`Absolute Discretion' and `As the Trustees Think Fit'

115

(1)

Guidance and Control of Trustees

116

(1)

Majority Decisions

116

(1)

Two-Trustee Rule

117

(1)

Statement of Wishes

118

(2)

Drafting the Statement of Wishes

118

(1)

When Should the Statement of Wishes Be Executed?

119

(1)

Power of Appointment of New Trustees

120

(1)

Duty of Consultation with Beneficiaries

120

(1)

Control of Trustees

120

(1)

What Trustees' Powers Need to Be Subject to Control?

121

(4)

What Sorts of Checks Can Be Made on Trustees' Powers and Who Exercises Them?

121

(1)

Giving Powers of Appointment to Beneficiaries Personally

122

(1)

Giving Powers of Consent to Beneficiaries

123

(1)

Giving Powers of Consent to the Settlor

123

(1)

Settlor as One of the Trustees

124

(1)

Settlor (And Spouse) as Sole Trustees?

124

(1)

Weighted Majority Clause

125

(1)

Power to Dismiss Trustees

125

(2)

Dealing with the Former Trustee

126

(1)

Nature of Powers of Consent and Appointment

127

(6)

Trust Property

133

(2)

Particular Assets

133

(2)

Shares in a Cayman Islands Company

133

(1)

Debt

134

(1)

Chattels

134

(1)

The Rule against Perpetuities

135

(6)

Drafting

136

(2)

Confusion over Dates

137

(1)

Curtailing the Trust Period

138

(1)

Remaining within the Perpetuity Period

138

(1)

Dispositive Powers

138

(1)

Beneficiaries' Interests

139

(1)

Effect of Failure to Remain within Perpetuity Period

139

(2)

General Provisions of a Trust

141

(26)

Order of Provisions

141

(1)

Declaration of Trust or Transfer to Trustees?

142

(1)

Title

143

(1)

Date

143

(1)

On What Date Does a Trust Take Effect?

143

(1)

Back-Dating

143

(2)

Parties

145

(1)

Who Should Be Parties?

145

(2)

Describing the Parties

145

(1)

Form Where Settlor Is One of the Trustees

146

(1)

Form Where Trust Made by Joint Settlors

146

(1)

Form Where Settlor Is Sole Trustee

147

(1)

No Named Settlor

147

(1)

Nominal Settlor

147

(1)

Recitals

148

(1)

Recital 1: A List of the Principal Beneficiaries of the Trust

148

(1)

Recital 2: Name of Trust

149

(1)

Power to Change Name of Trust

149

(1)

Useless Recitals

149

(2)

Testatum

151

(1)

Definitions

151

(1)

Beneficial Provisions

151

(1)

Testimonium Clause

152

(1)

Schedule of Initial Trust Property

152

(1)

Schedule of Administrative Provisions

153

(1)

Schedule of Beneficiaries?

153

(1)

Unnecessary Provisions

153

(1)

`No Conflict' Clauses

153

(1)

Definitions

154

(1)

How to Make Definitions

155

(2)

`Define as You Go'

155

(1)

A Definition Clause

155

(1)

`Means' and `Includes'

156

(1)

Unnecessary Forms in a Definition Clause

157

(1)

Some Standard Definitions

157

(1)

Definition of `The Trustees'

158

(1)

Definition of `The Trust Fund'

158

(2)

Definition of `Minor'

160

(1)

Definition of `Mentally Incapable'

160

(1)

Definition of `Spouse'

161

(1)

Definition of `Fiduciary'

162

(1)

Other Definitions

162

(1)

Unnecessary Definitions

163

(1)

Definitions to Break up Text

163

(1)

Drafting Successive Interests

163

(1)

Irrevocability

164

(3)

Drafting and Understanding Overriding Powers (Appointment, Re-Settlement and Advancement)

167

(16)

Power of Appointment

168

(3)

Exclusive and Non-Exclusive Powers

169

(2)

The Problem of Narrow Powers of Appointment

171

(2)

Power of Resettlement

173

(2)

Power of Resettlement and Power of Appointment Compared

174

(1)

Power of Advancement

175

(1)

Other Forms in Powers of Advancement

175

(1)

Power to Pay or Transfer to Beneficiary

176

(1)

Power of Appointment Used to Make to Beneficiary

177

(1)

Power of Advancement Used to Create New Trusts

177

(6)

Exercising Overriding Powers

183

(12)

Who Should Draft Deeds of Appointment?

183

(1)

How to Instruct an Attorney

184

(1)

Drafting Deeds of Appointment

184

(1)

Parties

184

(1)

Useful Recitals

184

(1)

Useless Recitals

185

(1)

Appointment Creating Royal Lives Clause

185

(1)

Some Points to Watch in Drafting Deeds of Appointment

186

(1)

Example Deed of Appointment

187

(2)

Points to Watch in Drafting Transfers to Another Settlement

189

(1)

Example Exercise of Power to Transfer to Another Settlement

189

(1)

Who Should Draft Settled Advances?

190

(1)

Drafting Resolutions of Advancement

190

(1)

Example Resolution of Advancement Used to Alter Terms of Trust

191

(1)

Example Resolution of Advancement Used to Transfer Property to Two Separate Settlements

192

(1)

Example Resolution of Advancement Used to Transfer Property from one Settlement to Another

193

(2)

Settlor Exclusion Clause and Default Clause

195

(12)

Excluding Settlor and Spouse

195

(2)

Direct Benefit

195

(1)

Resulting Trust

196

(1)

Power to Benefit Settlor

196

(1)

Actual Benefit

196

(1)

Reciprocal Arrangements

196

(1)

Settlor Exclusion Clause

197

(1)

When Is a Settlor Exclusion Clause Appropriate?

197

(1)

What a Settlor Exclusion Clause Does Not Cover

198

(1)

Drafting the Settlor Exclusion Clause

199

(2)

Joint Settlors

199

(1)

Exclusion of Additional and Indirect Settlors

199

(2)

Reference to `Spouse' in Settlor Exclusion Clause

201

(1)

Unnecessary Provisions in Settlor Exclusion Clause

201

(2)

Extending the Settlor Exclusion Clause to Exclude Trustees

201

(1)

No Reservation of Benefit

201

(1)

`No Resulting Trust for the Settlor'

202

(1)

Default Clause

203

(4)

Drafting the Default Clause

203

(1)

Unnecessary Provisions in a Default Clause

204

(1)

Correcting Errors in a Default Clause

205

(1)

An Unnecessary Default Clause

205

(1)

A Provision to Avoid

205

(2)

Interest in Possession Trusts

207

(12)

Interest in Possession Income Clause

207

(1)

Structure of Standard Interest in Possession Trust

208

(1)

Income to the Principal Beneficiary for His Life

208

(1)

Subject to That...to His Widow during Her Life

209

(1)

An Alternative: Beneficiary's Power to Appoint to Widow

209

(1)

Describing the Widow

209

(1)

Three Bad Forms

210

(1)

A Perpetuity Problem

210

(1)

Position after Death of Widow

211

(1)

IP Forms for Two Life Tenants

212

(4)

A Straighforward and Flexible Form

212

(1)

Commentary on Straightforward Flexible Form

213

(1)

An Inflexible Form

214

(1)

Accruer Clause

215

(1)

Variant: Life Tenant to Become Absolutely Entitled at Specified Age

216

(1)

Variant: Life Tenant a Minor

217

(1)

Variant: Interest in Possession for Settlor

217

(1)

Impeachment for Waste

217

(2)

Provisions Inconsistent with Interest in Possession Trusts

219

(10)

Administrative, Dispositive, Beneficial: Terminology

219

(1)

Significance of Administrative/Dispositive Distinction

220

(1)

When Is a Provision Administrative or Dispositive?

220

(3)

Power to Pay Capital Expenses out of Income

222

(1)

Retention of Income to Provide for Liabilities or Depreciation of a Capital Asset

222

(1)

Capital/Income and Apportionment Provisions

222

(1)

Power of Appropriation

222

(1)

IP Trusts: `Departure' v `Disqualifying' Powers

223

(2)

Power to Pay Insurance Premiums out of Income

223

(1)

Power to Permit Beneficiary to Occupy or Use Trust Property Rent-Free

224

(1)

Power to Lend Money Interest-Free

224

(1)

Power to Waive Income

224

(1)

Protection Clauses

225

(1)

Drafting and Construction of Protection Clauses

225

(1)

Protection Clause

226

(1)

`No Conflict' Clause

226

(3)

Discretionary Trusts

229

(4)

Discretionary Trust: Income Clause

229

(1)

Distribution Limb

230

(1)

Accumulation Limb

230

(1)

Structure of Discretionary Trust

231

(1)

`Beneficiaries'

231

(1)

Powers of Discretionary Trusts

232

(1)

Power to Pay Insurance Premiums out of Income

232

(1)

Waiver of Income

232

(1)

Protectors and Reserved Powers Trusts

233

(16)

Introduction

233

(1)

Protectors

233

(3)

Protective Committee

236

(1)

Nature of Protector's Powers and Duties

236

(1)

Consequential Amendments

237

(3)

Provisions Subject to Protector's Consent

237

(1)

Appointment, Retirement and Removal of Trustees

238

(1)

Protector's Rights to Information and Documents

238

(1)

Protector's Remuneration

238

(1)

Protector's Liability

239

(1)

Protection of Fiduciaries

239

(1)

Settlor Reserved Powers

240

(1)

The Reserved Powers Law

241

(1)

Exclusion of Beneficiaries' Rights

242

(1)

Drafting the Settlor's Overriding Powers

242

(2)

Nature of Settlor's Overriding Powers

243

(1)

Trustee's Consent

244

(1)

Drafting the Income Clause

244

(1)

Provision to Apply if Settlor Is Mentally Incapable

244

(1)

Drafting the Settlor's Investment Powers

245

(1)

Power to Direct Investments

245

(1)

The Nature of the Settlor's Investment Powers

246

(1)

Power of Revocation

246

(1)

Governing Law

247

(1)

Administrative Powers

247

(1)

US Grantor Trust Status

247

(2)

STAR Trusts

249

(12)

Introduction

249

(1)

The STAR Law

249

(2)

Uses of STAR Trusts

251

(1)

Dynasty-Style Trusts

251

(1)

Philanthropic Trusts

251

(1)

Mixed Persons and Purposes

251

(1)

Restricting Rights of Beneficiaries

251

(1)

Business Succession Planning with STAR

252

(1)

Definition of Purposes

252

(1)

The Business Plan

252

(1)

The Initial Trust Period

253

(1)

Other Useful Definitions

253

(1)

Overriding Powers

253

(1)

Furtherance of Purposes

254

(1)

Exercise of Investment Powers

254

(1)

Trust Income

255

(1)

Trusts at the End of the Trust Period

255

(1)

Enforcers - Business Succession Trusts

256

(1)

Application of STAR Law

256

(1)

Holding Shares in a Private Trust Company

257

(1)

Definition of Purposes

257

(1)

Settlor's Overriding Powers

257

(1)

Default Trusts

257

(1)

Exercise of Shareholder and Investment Powers

258

(1)

Enforcers - Private Trust Company Shares

258

(1)

Other Provision Relating to Enforcers

259

(1)

Recognition of STAR Trusts in Other Jurisdictions

259

(2)

Jurisdictions Which Have Ratified the Hague Convention

259

(1)

Trust Jurisdictions Which Have Not Ratified the Hague Convention

260

(1)

Administrative Provisions

261

(38)

Unnecessary Provisions

261

(4)

Provisions Duplicating the Trusts Law

261

(1)

Power to Vary Investments

262

(1)

Power to Add Powers

262

(1)

Power to Accept Additional Funds or Onerous Property

263

(1)

Powers Relating to Accounts and Audits

263

(1)

Powers to Deal with Shares and Debentures

263

(1)

Power to Repair and Maintain Trust Property

264

(1)

Power to Establish and Wind up Investment Vehicles

264

(1)

Power to Give Warranties and Representations

264

(1)

Power of Corporate Trustee to Act by Its Proper Officers

265

(1)

Power to Exercise Voting and Other Rights Attaching to Securities

265

(1)

No Requirement for Trustee Bond or Surety

265

(1)

Unnecessary Forms Relating to Administrative Powers

265

(1)

`Power Not Restricted by Technical Rules'

265

(1)

Trustees Entitled to Expenses of Exercising Powers

266

(1)

Trustees Not Liable for Loss from Exercising Powers

266

(1)

Other Provisions

266

(1)

Void Powers

266

(2)

Power to Decide between Income and Capital

266

(1)

Power to Determine Questions of Fact or Law or `Matters of Doubt'

267

(1)

Power Exercisable with Consent of Court

268

(1)

Which Powers Should the Drafter Include?

268

(1)

Standard Administrative Provisions

268

(1)

Power of Investment

268

(2)

Power of Joint Purchase

270

(1)

General Power of Management and Disposition

271

(1)

Power to Improve Trust Property

271

(1)

Provisions Relating to the Income/Capital Distinction

272

(1)

Power to Pay Expenses out of Capital or Income

272

(1)

Power to Apply Trust Capital as Income

273

(1)

Rent: Income or Capital Receipt?

274

(1)

Sinking Funds

274

(1)

Equitable Apportionment

274

(1)

The Balance Between Income and Capital

275

(2)

Investment Policy

276

(1)

Management of Company Held by Trust

276

(1)

Demergers

277

(1)

Beneficial Use of Trust Property

277

(1)

Occupation and Use of Trust Property

278

(1)

Loans to Beneficiaries

279

(1)

Trust Property as Security for Beneficiaries' Liabilities

280

(1)

Power to Guarantee Beneficiaries' Obligations

280

(1)

Power to Trade

280

(1)

Power to Borrow

281

(1)

Delegation

282

(2)

Nominees and Custodians

284

(1)

Power to Give Indemnities

284

(1)

Power to Give Security for Trustees' Liabilities

285

(1)

Power of Appropriation

285

(1)

Receipt by Charities and Unincorporated Associations

286

(1)

Power to Insure

286

(1)

Power to Compromise Claims

287

(1)

Power to Pay Taxes

287

(1)

Release of Rights and Powers

288

(1)

Ancillary Powers

288

(1)

Provisions Relating to Minors

289

(1)

Payment of Income to Parent or Guardian

289

(1)

Payment of Income to Minor

289

(1)

Power to Retain Income of Child

290

(1)

Administrative Provision for Mentally Incapable Beneficiaries

290

(1)

Power to Disclaim

291

(1)

Time Apportionment

291

(1)

Power for Trustees to Apply the Apportionment Rules?

291

(1)

Trustee Remuneration

292

(1)

Standard Charges and Conditions

293

(1)

Commissions and Bank Charges

293

(1)

Excursus: Trustee Charging Clauses

294

(2)

Work Which a Layman Could Do Personally

294

(1)

Informing the Client

294

(1)

Remuneration of Corporate Trustee

295

(1)

Trustee Remuneration Clause: Dispositive or Administrative?

296

(1)

Status of Remuneration Clause for Purposes of Succession Law

296

(1)

Status of Remuneration Clause for Other Purposes

296

(1)

Trustee/Director Remuneration

297

(2)

Charitable Trusts

299

(6)

Introduction

299

(1)

Some General Comments

299

(1)

Name

300

(1)

Trustees

300

(1)

Exclusion of Settlor and Non-Charitable Purposes

300

(1)

Administrative Provisions for charities

301

(1)

Accumulation of Income

301

(1)

Remuneration of Charity Trustees

301

(2)

Insurance for Claims against Charity Trustees

302

(1)

Procedure after Execution of Charitable Trust

303

(2)

Governing Law, Place of Administration and Jurisdiction Clauses

305

(8)

The Governing Law

305

(1)

Selection of Cayman Islands Governing Law

306

(1)

Power to Change the Governing Law

307

(2)

Place of Administration of Trust

309

(1)

Exclusive Jurisdiction Clause

310

(1)

`Forum of Administration'

311

(2)

Restricting Rights of Beneficiaries

313

(6)

Restrictions on Disclosure of Information

313

(1)

Beneficiary's Right to Trust Information

314

(1)

The General Law Position

314

(1)

Practical Means of Restricting Information Rights

315

(1)

Statements of Wishes

315

(1)

No Named Beneficiaries or Unascertainable Default Beneficiary

315

(1)

Extension of Powers of Disclosure

316

(1)

No Challenge Clauses

316

(1)

Non-Assignment Clauses

317

(2)

Stamp Duty

319

(4)

General

319

(1)

The Territorial Scope of the Duty

320

(1)

Time of Payment

321

(1)

Penalties

321

(2)

Civil Penalties

321

(1)

Criminal Penalties

321

(2)

Execution of Trust Deeds

323

(6)

Review of Draft

323

(1)

Review and Approval by Parties

324

(1)

Use and Misuse of Precedents

324

(1)

Caution! Word Processor at Work

324

(1)

Printing

325

(1)

Natural Decay

326

(1)

Fraudulent Alterations

326

(1)

Execution of Deeds

326

(1)

Individuals

326

(1)

Companies

327

(1)

Procedure after Execution of a Lifetime Settlement

327

(2)

Transfers of Trust Property to Trustees

327

(1)

Statement of Wishes

328

(1)

Appointment and Retirement of Trustees

329

(6)

Powers of Appointment/Retirement

329

(1)

Review by New Trustees before Accepting Trusteeship

330

(1)

Review by Appointor and Retiring Trustees before Appointing New Trustees or Retiring

331

(1)

Drafting an Appointment/Retirement of New Trustees

331

(2)

Title

331

(1)

Parties

332

(1)

Useful Recitals

332

(1)

Useless Recitals

332

(1)

Provisions of Deed

333

(1)

Appointment (Nominated Appointor)

333

(1)

Appointment by Trustees (No Nominated Appointor)

333

(1)

Retirement with Consent of Appointor

333

(1)

Retirement (No Nominated Appointor)

333

(1)

Governing Law Clause

334

(1)

Unnecessary Provision in Deed of Appointment

334

(1)

Vesting Trust Property in New Trustees

334

(1)

Stamp Duty

334

(1)

Indemnities for Trustees

335

(10)

Introduction

335

(1)

Trust Law Indemnities

336

(2)

Right of Trustees to Retain Trust Property as Security

336

(1)

Right of Trustee to Refuse to Retire

336

(1)

Right of Former Trustees

336

(1)

Limits on Trust Law Indemnities

337

(1)

Are Express Indemnities Needed?

338

(1)

Negotiating Indemnities

338

(1)

Conflicts of Interest

338

(1)

Indemnity from Individual Beneficiaries

339

(1)

Indemnity from New Trustees

339

(6)

Power to Give Indemnity

339

(1)

Scope of Indemnity

340

(1)

Time Limit to Indemnity

341

(1)

Cap on Amount Payable under Indemnity

341

(1)

Death of New Trustees

342

(1)

Retirement of New Trustee

342

(1)

Multiple Trustees

343

(1)

Security for Indemnity

343

(1)

Proper Law and Jurisdiction Clause

343

(2)

Part II: Precedents

345

(90)

Discretionary Settlement (Without Protector)

347

(12)

Discretionary Settlement (with Protector)

359

(12)

Interest in Possession Settlement (Single Adult Life Tenant - No Protector)

371

(10)

Reserved Powers Settlement

381

(12)

Charitable Trust

393

(8)

STAR Trust (Business Succession)

401

(14)

STAR Trust (Shares in Private Trust Company)

415

(12)

Deed of Appointment Retirement and Indemnity of Trustees (Trustees to Appoint)

427

(4)

Deed of Appointment Retirement and Indemnity of Trustees (Appointor to Appoint)

431

(4)

Appendix 1 Annotated Bibliography

435

(4)

Appendix 2 Useful Websites

439

(2)

Table of Cases

441

(10)

Index

451

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