HSBC Trustees Ci Ltd -v- Rearden and Ors [2005] JRC 130 (21 September 2005)

HSBC Trustees Ci Ltd -v- Rearden and Ors [2005] JRC 130 (21 September 2005)

The court held that the insertion of a trustee remuneration clause is in the interests of both existing and unascertained beneficiaries, as professional trustees require remuneration and the settlor intended professional management.

Citation
[2005] JRC 130
Parties
Applicant: HSBC Trustee (CI) Limited; Beneficiary: Michael Gaunt Rearden; Beneficiary: Timothy John Rearden; Advocate for Unascertained Beneficiaries: James
Jurisdiction
Jersey
Judgment Date
21 September 2005
Procedural Posture
Application for Variation of Trust / Judgment
Outcome
application granted
Legal Topics
Variation of Trust, Trustee Remuneration, Discretionary Trust, Professional Trustee
Trusts Private Client Variation of Trust Trustee Remuneration Discretionary Trust Professional Trustee

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Parties

HSBC Trustee (CI) Limited

Applicant

Michael Gaunt Rearden

Beneficiary

Timothy John Rearden

Beneficiary

James

Advocate for Unascertained Beneficiaries

Procedural Posture

Application for Variation of Trust / Judgment

Legal Issues

  1. 1 Whether the trust deed should be varied to insert a trustee remuneration clause
  2. 2 Whether the court should approve the variation on behalf of unascertained beneficiaries

Ratio Decidendi

The court held that the insertion of a trustee remuneration clause is in the interests of both existing and unascertained beneficiaries, as professional trustees require remuneration and the settlor intended professional management.

Court Disposition

application granted

Orders

  • Trust deed varied by insertion of trustee remuneration clause as set out in the affidavit of Constance Clark.