In an uncertain world it is perhaps not surprising that there is an increasing enthusiasm among the newly rich to settle their wealth in offshore asset protection trusts. There is, however, a reluctance to surrender possession and control of their assets to trustees, of whom they are likely to have had no previous experience. To address this issue, the trust industry has devised the strategy of reserving powers to the settlor of the trust, in particular the power to direct to whom the trust assets should be distributed and a power to revoke the trust so that the trust assets re-vest in the settlor. The wisdom of this approach has now been seriously called into question in light of the recent Privy Council decision of TMSF v Merrill Lynch [2011] UKPC 17, an appeal from the Cayman Islands.
October 05, 2011 at 07:03 PM
1 minute read
The original version of this story was published on Legalweek
XXIV Old Buildings’ Stephen Moverley Smith QC on the impact of a ruling over the powers of a trust’s settlor
In an uncertain world it is perhaps not surprising that there is an increasing enthusiasm among the newly rich to settle their wealth in offshore asset protection trusts. There is, however, a reluctance to surrender possession and control of their assets to trustees, of whom they are likely to have had no previous experience.
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