Representation of Maram Trust 20-Apr-20 [2020] JRC 062 (20 April 2020)

The Court appointed the settlor's ex-wife as trustee and vested the assets in her, but declined to bless her in-principle decisions as they were not momentous and she was not yet trustee.

Citation: [2020] JRC 062
Parties: Applicant: Settlor; Beneficiary: World Wildlife Fund; Proposed Trustee: Settlor's ex-wife; Proposed Beneficiary: Settlor's daughter; Asset Manager: Canaccord Genuity Wealth (International) Limited
Jurisdiction: Jersey
Judgment Date: 20 April 2020
Procedural Posture: Representation / Judgment
Outcome: Partial grant
Legal Topics: Appointment of Trustee, Change of Proper Law, Addition of Beneficiaries, Resettlement of Trust Assets

Trusts Private Wealth Appointment of Trustee Change of Proper Law Addition of Beneficiaries Resettlement of Trust Assets

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Parties

Settlor

Applicant

World Wildlife Fund

Beneficiary

Settlor's ex-wife

Proposed Trustee

Settlor's daughter

Proposed Beneficiary

Canaccord Genuity Wealth (International) Limited

Asset Manager

Procedural Posture

Representation / Judgment

Legal Issues

1 Whether the Court should appoint a new trustee
2 Whether the Court should bless in-principle decisions of a proposed trustee
3 Whether the Court should approve change of proper law, addition of beneficiaries, and resettlement of assets

Ratio Decidendi

The Court appointed the settlor's ex-wife as trustee and vested the assets in her, but declined to bless her in-principle decisions as they were not momentous and she was not yet trustee.

Court Disposition

Partial grant

Orders

Settlor's ex-wife appointed as sole trustee
All assets of the Maram Trust vested in the new trustee