Trustee Knowledge Series: Advanced Paper Two: Nomination To Beneficiaries – Corporate / Commercial Law
Jersey: Trustee Knowledge Series: Advanced Paper Two: Nomination To Beneficiaries
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The purpose of private trusts is to benefit the beneficiaries, and to that extent the beneficiaries will often benefit from the trustees who entrust them with the assets of the trust. This is provided for in Section 39 of the Trusts Act 1984 (Jersey) (the Act) which states that trustees have the “power to appoint or assign all or part of the trust property or any interest in it. trust property to, or trustees for the benefit of, any person, whether or not such person is a beneficiary of the trust immediately prior to such appointment or assignment â€.
Trust instruments are tailor-made, prepared according to the wishes of the particular settlor, and as such, the terms of a trust will indicate who can benefit, how, when and to what extent.
Below is a summary of common types of appointments, considerations to consider before making an appointment, and some common issues that trustees have with respect to appointments in both Fixed Interest Trusts (that is, i.e. when the settlor specifically identifies beneficiaries who are to and expressly states how and when they are to benefit from the trust property) and discretionary trusts (i.e.
For more specific advice on Jersey trusts, we invite you to contact David Dorgan, Head of Private Client & Trusts, Jersey.
The content of this article is intended to provide a general guide on the subject. Specialist advice should be sought regarding your particular situation.
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