A Cayman Islands perspective
Members of the trust and private wealth team in the
Cayman Islands discuss dealing with trust deeds that are no longer
fit for purpose, including problems and solutions for trustees
within the Cayman Islands.
It is often acknowledged that, like fine wine, some things get
better with age. However, the same is not always true of trust
deeds – particularly those that may have been drafted using a
mechanical typewriter or require service of notices by Telex. While
families grow and evolve, legislation is regularly revised and
expanded upon and technology continues to develop at an incredibly
fast pace, trusts often remain unchanged. As a result, the basic
documentation on which hugely valuable structures rest can quickly
seem archaic. It is true that mechanisms to vary, reform, and
resettle trust deeds may sometimes be found within trust deeds
themselves, or otherwise in statute but, commonly, implementing
changes to older structures can
