The radically altered trust sector landscape was the topic of discussion at the STEP Guernsey’s lunchtime seminar series that took place earlier this month sponsored by Collins Stewart.
60 STEP members listened to seminar speaker, Mark Ferbrache, AFR Advocates senior partner, who examined trustees’ discretionary powers and the options now available to trustees in light of the decisions in Pitt v Holt and Futter v Futter and the significant body of law theory that has developed around a principle which had become known as “the rule in Hastings-Bass”.
“These cases have served to radically alter the landscape regarding the ability of courts to review decisions made by trustees, particularly where those decisions have unintended and unwanted consequences,” said Advocate Mark Ferbrache.
“While the decisions in Pitt v Holt and Futter v Futter are decisions of the English Court of Appeal, the statements made do have resonance for trustees here in Guernsey when they are considering how to exercise their powers.”
Head of Collins Stewart Wealth Management in Guernsey, Charlie Roger, said: “There have been a number of interesting developments in this area of law and Mark Ferbrache’s seminar provided an important summary of these. It is great that STEP Guernsey members through the seminar series are exposed to expert opinions.”
The next Collins Stewart-sponsored STEP Guernsey seminar will take place on Wednesday 12 December with speaker Piers Master from Charles Russell LLP discussing UK changes to high value property.