Trust Essentials: December 2023

As 2023 swiftly comes to a close, we're looking ahead to 2024 with excitement following the opening of Ogier's new Dubai office and an award-winning year.

In our headline article, swift on his return from the Middle East, James Campbell shares his insights on the trends driving advice and structuring in the region. The overwhelming takeaway from the UAE and Saudi Arabia is the extraordinary pace of change and an increasingly clear sense of "permanence" in the region.

Congratulations to Ogier's Trusts Advisory Group's rising stars: Natalia Fortuna, James Fox, Sophie Denman and Samantha Hoare. At the Citywealth Future Leaders Awards 2023, in the Lawyer of the Year - IFC category, Natalia won the gold award for associate, and James walked away with the silver award for partner. Meanwhile, the prestigious 2023 eprivateclient NextGen Leaders List named Sophie Denman and Samantha Hoare.

Enjoy this edition of Trust Essentials. If you'd like to discuss any of the issues covered, reach out to your Ogier contact or any member of the team.

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Ogier launches in Dubai, providing clients with on-the-ground legal, corporate services, and regulatory consulting

Ogier advises its clients in the Middle East on British Virgin Islands, Cayman Islands, Guernsey, Jersey, Ireland and Luxembourg law across its network of offices, which also includes Beijing, Hong Kong, London, Shanghai, Singapore and Tokyo.

The firm's transactional services cover Banking and Finance, including Islamic finance and fund finance, Corporate and Investment Funds advice. Read more ...

The Middle East: current trends driving advice and structuring

Having just returned from the Middle East following the opening of Ogier's new Dubai office, the overwhelming takeaway from the UAE and Saudi Arabia is the extraordinary pace of change.

This coupled with a boundless energy and a clear vision for the future makes for a very powerful combination indeed. Undoubtably there will be challenges ahead but what is increasingly clear is the sense of "permanence" in the region. Read our lead article ...

The Tantular litigation: continuing the fight against cross-border financial crime

This issue, long fought by the Tantular family, has been subject to considerable judicial consideration over the years in Jersey and is consequently known as the Tantular litigation. 

In the case of Tan Chi Fang and three others v His Majesty’s Attorney General (Jersey); Tan Chi Fang and three others v His Majesty’s Attorney General (Jersey) No 2; Robert Tantular v His Majesty’s Attorney General (Jersey), the decision of the Judicial Committee of the UK Privy Council (the Privy Council) finally settles the question over the reach of saisies judiciaires. Read the outcome ...

Clarity for trustees around corporate trustee mergers: the Jersey perspective

The recent English case of USAF Nominee No. 18 Limited & Ors v Watkin Jones & Son Limited [2023] EWHC 1880 (TCC) considered a number of preliminary Jersey law related issues. This included whether, by reason of a merger in 2009 under Jersey law, there was a defect in the appointment of trustees thereafter which adversely affected the ability of each claimant to bring proceedings. Continue reading ...

Conversations with the next gen: a little knowledge goes a long way in private wealth planning

Sharing information, bringing future generations into the family fold and educating them around family wealth – these are issues that have been at the heart of family succession planning for years and trusting that the next gen will take the time to understand and appreciate the guidance given by the older generation which will continue on the legacy of the family's wealth.

It’s an issue of concern to an increasing number of families with the looming prospect of the transfer of mass wealth transitioning to the next gen in the coming years. But when is the optimum time to bring the next gen in? How should a family pass on its "family knowledge"? Read more ...

Ogier At A Glance Guide: Non-Charitable Purpose Trusts

Generally, in order for a trust to be valid there must be identifiable beneficiaries who have a right to enforce the terms of the trust. However, the Trusts (Jersey) Law 1984, as amended (the Trusts Law) also permits the creation and enforcement of non-charitable purpose trusts.

These are trusts in which property is held by trustees to carry out specific purposes which do not qualify as exclusively charitable purposes. This type of trust is often simply referred to as a “purpose trust”. For 5 things to consider and 5 uses of Non-Charitable Purpose Trusts, read our at a glance guide  ...

Reserving powers under Guernsey Trusts Law

For some time now it has been common for settlors to choose to reserve to either themselves or to others certain powers under the terms of a trust. This is primarily as a check and balance or means of supervising the actions of the trustees. Such a reservation of powers is expressly permitted under Guernsey trusts legislation.

The person to whom powers have been reserved are often referred to as a protector or appointor or power holder, although none of these terms are used or defined in Guernsey trusts legislation.  The term "protector" is most common and so we will use this term throughout this briefing. Continue reading ...