Trusts and Modern Wealth Management
Trust law has grown and developed over recent years through the continued ingenuity of practitioners and the provision of innovative new trust laws by offshore jurisdictions. The wealth managed through the medium of trust law has also changed in recent years, as increasingly it has come from the newly rich of Asia. This brings distinctive issues to the fore: the role of settlors, family members and trusted advisors in trust administration; the position of trustees in relation to instructions coming from such persons; and an increased desire for confidentiality in trust administration and the settlement of trust disputes.
This collection focuses on trusts which are deliberately created to manage wealth and the concomitant issues such trusts raise in other areas of law. Essays from leading members of the judiciary, practitioners and academics explore these developments and their implications for the users of trust law and for society in general.
Contents: Introduction Richard C. Nolan, Tang Hang Wu and Kelvin F. K. Low
Part I: 1. The role of the courts today in the administration of trusts Launcelot Henderson2. 'Breaking bad': settlors' reserved powers Lusina Ho and Harold Hsiao-Wo Lee3. Trustees and third party powers Richard C. Nolan4. Trust arbitration clauses Matthew Conaglen5. Massively discretionary trusts Lionel Smith and William C. Macdonald6. Trustees, fiduciaries and fetters David Pollard
Part II: 7. Derivative actions on behalf of the trust: Beddoe orders for beneficiaries Tang Hang Wu8. The entitlements of objects as defining features of discretionary trusts Peter G. Turner9. The beneficiary's performance interest in a trust: AIB v. Redler and the march of the compensatory principle James Penner10. Compensatory remedies for breach of trust Paul S. Davies11. Tapping into trust assets for redistribution upon divorce in England and Wales Simone Wong12. The vulnerability of trusts in divorce Rebecca Lee
Part III: 13. Mapping client sophistication: critical enquiry or unnecessary distraction? Christopher Hare and Travers Smith14. Misrepresentation and rescission Kelry Loi15. The alternative Australian Trusts Act (Cth) David Chaikin and Eve Brown16. Non-charitable purpose trusts: the missing right to forego enforcement Kelvin F. K. Low17. Trusts in civil law environments - can civil law jurisdictions such as Liechtenstein deal with core issues of trust law? Francesco A. Schurr18. High net worth trusts in the 21st Century: confiscatory taxes and duties? Tony Molloy, QC.
|Publisher:||Cambridge University Press|
|Author(s)||Nolan, R and Wu Tang, H|