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ARTICLE · 06 JANUARY 2015

Transfer Of Trusteeship - Discussion Paper & Case Summary

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This paper explores the approach taken by courts in Bermuda and other jurisdictions in connection with a number of issues and questions regarding trusteeship.

BermudaWealth Management
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INTRODUCTION

Transfer of trusteeship often raises challenging issues for trustees. This paper explores the approach taken by courts in Bermuda and other jurisdictions in connection with the following issues and questions:

  • The consequences and remedies when a trustee's appointment is invalid
  • Is the power to appoint trustees always a fiduciary power?
  • Improper exercise of the power to remove and appoint trustees
  • The tension between the outgoing trustee's duty to transfer trust property and records verses its entitlement to security for its fees and liabilities
  • When outgoing trustees may have personal liability for liabilities that exceed the value of the trust fund

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