Swan & Ors v Gibbs & Ors

Swan & Ors v Gibbs & Ors

The proposed arrangements constitute variations, not resettlements, as the existing trust structures remain in place and the changes do not amount to the creation of new settlements. The arrangements are for the benefit of all beneficiaries, including unborn and unascertained beneficiaries, and are therefore approved subject to an amendment regarding the addition of administrative powers.

Parties
Claimant: William Lawrence Greenwell Swan; Claimant: The Hon Elizabeth Gilmour; Claimant: James Michael Beale Cayzer-Colvin; Defendant: Dominic Vaughan Gibbs; Defendant: Esther Anne Mary Cayzer-Colvin; Defendant: Mollie Isabella Elizabeth Cayzer-Colvin; Defendant: Lily Georgia Daphne Cayzer-Colvin; Defendant: Nicholas James Gaggero; Defendant: Alexander Charles Gaggero; Defendant: George Edward Michael Ponsonby
Jurisdiction
England and Wales
Judgment Date
15 May 2020
Procedural Posture
Originating Summons (variation of Trusts) / Judgment on Application for Approval of Variation of Trusts
Outcome
Applications granted with amendment
Legal Topics
Variation of Trusts, Perpetuity Periods, Resettlement Vs Variation, Beneficiary Interests, Trust Administration
Trusts and Estates Property Law Variation of Trusts Perpetuity Periods Resettlement Vs Variation Beneficiary Interests Trust Administration

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Parties

William Lawrence Greenwell Swan

Claimant

The Hon Elizabeth Gilmour

Claimant

James Michael Beale Cayzer-Colvin

Claimant

Dominic Vaughan Gibbs

Defendant

Esther Anne Mary Cayzer-Colvin

Defendant

Mollie Isabella Elizabeth Cayzer-Colvin

Defendant

Lily Georgia Daphne Cayzer-Colvin

Defendant

Nicholas James Gaggero

Defendant

Alexander Charles Gaggero

Defendant

George Edward Michael Ponsonby

Defendant

Procedural Posture

Originating Summons (variation of Trusts) / Judgment on Application for Approval of Variation of Trusts

Legal Issues

  1. 1 Whether the proposed arrangements constitute a variation or a resettlement of the trusts under the Variation of Trusts Act 1958
  2. 2 Whether the arrangements are for the benefit of unborn and unascertained beneficiaries
  3. 3 Whether the arrangements are compliant with trust and tax law

Ratio Decidendi

The proposed arrangements constitute variations, not resettlements, as the existing trust structures remain in place and the changes do not amount to the creation of new settlements. The arrangements are for the benefit of all beneficiaries, including unborn and unascertained beneficiaries, and are therefore approved subject to an amendment regarding the addition of administrative powers.

Court Disposition

Applications granted with amendment

Orders

  • Proposed arrangements for variation of trusts approved, subject to the condition that before exercising any added administrative power, trustees must first obtain appropriate professional advice and satisfy themselves that the exercise is expedient for the trust as a whole.