Jersey Court Varies Title To Jointly Owned Shares

The Royal Court of Jersey has made new law by using a statutory power to vary the title to shares in a Jersey company which had passed by way of survivorship to the surviving joint owners.

STATUTORY POWER OF VARIATION

In 1998, the Royal Court was given the ability to vary "any disposition (whether effected by will, under the law of intestacy or otherwise) of the movable estate of the deceased person" within a two year period from the date of death by the Probate (Jersey) Law, 1998. This new power was modelled on the High Court of England and Wales' statutory powers of variation found at Section 142 of the Inheritance Act 1984 and Sections 62(6) to (10) of the Taxation of Chargeable Gains Act 1992.