Representation of Zedra Trust Company (Isle of Man) Limited re Rhino Settlement, Buffalo Trust and Giraffe Trust (Royal Court : Hearing (Civil) : Binnington : Trust) [2026] JRC 025 (24 January 2026)

Representation of Zedra Trust Company (Isle of Man) Limited re Rhino Settlement, Buffalo Trust and Giraffe Trust (Royal Court : Hearing (Civil) : Binnington : Trust) [2026] JRC 025 (24 January 2026)

The Court refused to bless the Trustee's decision because the Trustee failed to properly consider and consult on the interests of all beneficiaries, particularly C, and did not adequately address the economic value of physical assets or the impact of writing off loans to A. The process was procedurally deficient and did not meet the legal test for blessing a momentous decision.

Citation
[2026] JRC 025
Parties
Applicant: Representor (the Trustee); Principal Beneficiary/protector/settlor: A; Principal Beneficiary: B; Beneficiary: C; Guardian Ad Litem for Unborn Beneficiaries: Advocate Shah
Jurisdiction
Jersey
Judgment Date
24 January 2026
Procedural Posture
Trustee Blessing Application / Judgment on Application for Blessing of Momentous Decision
Outcome
Application for blessing refused
Legal Topics
Trustee Powers, Partition of Trust Assets, Blessing Applications, Beneficiary Interests, Conflict of Interest, Procedural Fairness
Trusts and Estates Equity Trustee Powers Partition of Trust Assets Blessing Applications Beneficiary Interests Conflict of Interest Procedural Fairness

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Parties

Representor (the Trustee)

Applicant

A

Principal Beneficiary/protector/settlor

B

Principal Beneficiary

C

Beneficiary

Advocate Shah

Guardian Ad Litem for Unborn Beneficiaries

Procedural Posture

Trustee Blessing Application / Judgment on Application for Blessing of Momentous Decision

Legal Issues

  1. 1 Whether the Trustee's decision to partition the assets of the Rhino Settlement, Buffalo Trust, and Giraffe Trust should be blessed by the Court
  2. 2 Whether the Trustee properly considered the interests of all beneficiaries, including C and unborn beneficiaries
  3. 3 Whether the Trustee's process and reasoning met the legal test for blessing a momentous decision

Ratio Decidendi

The Court refused to bless the Trustee's decision because the Trustee failed to properly consider and consult on the interests of all beneficiaries, particularly C, and did not adequately address the economic value of physical assets or the impact of writing off loans to A. The process was procedurally deficient and did not meet the legal test for blessing a momentous decision.

Court Disposition

Application for blessing refused

Orders

  • The Trustee's application for blessing of the partition decision is refused.
  • No order is made for the implementation of the proposed partition of the Trusts' assets.