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Bird on a wire: cost penalties for unresponsive trustees

Richard Wakeham and Adam Marshall consider potential cost penalties for unresponsive trustees

11 June 2012

The recent case of In the Matter of the Y Trust is a useful and cautionary reminder to a trustee to make sure that it acts expeditiously and transparently in the discharge of ?its duties.

The case involved a discretionary ?trust governed by the laws of Jersey. It ?was settled in 1990 and the beneficiaries were the eldest son, the youngest son ?and the remoter issue of the settlor, namely the two sons and the daughter (and her own daughter) of the youngest son (the children).

Decision time

At the first hearing, the court was asked, inter alia, to give its blessing to the trustee’s decision to distribute the trust fund to the beneficiaries in December 2009 (the December decision).

In the build up to the December decision, the trustee engaged in discussions with all of the beneficiaries in varying degrees of detail. In ...

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