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Trust Protectors

Andrew Holden

ISBN13: 9781846612527

Published: October 2011

Publisher: LexisNexis Butterworths

Country of Publication: UK

Format: Hardback

Price: Out of print

This new definitive work on trust protectors explains the role and appointment of a protector, their powers and duties including fiduciary capacity, how a protector can be removed from office and the relationship with the trustees.

It will cite authorities from various jurisdictions including: Australia, Bahamas, BVI, Canada, Cayman Islands, Cook Islands, England and Wales, Guernsey, Isle of Man, Jersey, New Zealand and the USA. In addition precedents are included which will assist with drafting protector clauses in trust documents.

Subjects:: Equity and Trusts

Contents:: Introduction; basic concepts and definitions; outline of the history and development of the role of; protector; uses of the protector in a trust; sources of law on protectors; Fiduciary position; importance of the fiduciary question; approaches to the fiduciary question; explanation of fiduciary doctrine as it relates to the protector; determining whether the protector is in a fiduciary position; Appointment; who is able to act as protector?; appointment of the settlor/beneficiary/trustee as protector; use of professional protectors; methods of appointment of the protector; acceptance of office; disclaimer; Powers; creation of powers; capacity to exercise powers; delegation of powers; manner of exercise of powers; disclaimer of powers; specific powers given to protectors; Limits and Duties; categorisation of limits and duties in relation to the exercise of powers; express and statutory limitations; other limits on the scope – third party consents; fraud on a power and purpose restrictions; duty of good faith; fiduciary duties; duty of skill and care; Control; removal of the protector from office by the trustees/the beneficiaries/the Court; actions to prevent the protector from exercising powers/directing the exercise of powers; remedial actions against the protector for negligence/breach of fiduciary duty; beneficiaries/trustees rights against the protector - disclosure of documents; Rights; classification of rights of the protector; right to remuneration; right to an indemnity out of trust assets; standing to bring an action for breach of trust and other types of claim; right of access to accounts and documents; other rights, including right to interact with trustees; Retirement and removal; death of a protector; automatic and voluntary retirement; removal or replacement of protector; Relationship between protector and trustees; problems caused by interposition of protector in a trust; protector's responsibilities; trustees' responsibilities; protectors and exoneration clauses; Precedents.