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Newsletter | Articles
  Jersey Reviews Trusts Law Again
A fifth amendment to the Trusts (Jersey) Law 1984, which will include more explicit guidance to Jersey's court regarding foreign challenges to trusts, is being considered by a working party.
The consultative document, with proposed amendments, is scheduled to be issued over the summer and draft legislation submitted to the States of Jersey in the autumn.
The news comes following a series of English matrimonial court cases where Jersey trusts have been scrutinised and the Jersey court has given effect to English court orders.
Other issues in the consultation document include:
- Clarification of indemnities owed to retired trustees, to establish a framework to enable them to pursue the trust property for legitimate expenses.
- Clarification that trusts established on Jersey for non-charitable purposes can hold the shares of private trust companies. This follows similar moves in Guernsey and Dubai.
- A new definition for “charitable purposes” to replace the current definition dating from the 17th century that is now viewed as too archaic for contemporary purposes.
- The issue of beneficiaries’ right to information, particularly the knowledge that they have been named as a beneficiary in the first place.
The revisions are part of a strategic programme by Jersey’s financial sector to make it as competitive as possible. Until last year, Jersey’s trust legislation had not been revised since 1991.
For more information please contact Karen Jones.
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