Private Wealth Perspectives – Issue Two

Private Wealth Perspectives – Issue Two

Welcome to Issue Two of Private Wealth Perspectives.

In this latest edition, we explore issues including ESG, trust litigation, recent and significant trust cases in the Cayman Islands in a private wealth context and delve into the relevance of settlor’s wishes in discretionary trusts.

We hope you enjoy reading Issue Two of Private Wealth Perspectives and look forward to your feedback and any suggested topics you would like to see covered in future issues.

Ed Devenport, Global Practice Leader, International Trusts and Private Client

Explore our latest issue

ESG and private wealth: more than just virtue signalling for the next generation?

ESG stands for environmental, social and governance. It usually refers to a loose set of concepts used to measure an organisation’s impact through its environmental, social and governance practices. These factors are typically considered in investing, but they also apply to businesses generally and, arguably, all organisations and individuals.

In this article, we explore the impact of ESG in the private wealth space and what this means for advisers.

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Minimising the risk of trust litigation

The vast majority of trusts run smoothly without the need for court intervention or litigation. Despite this, litigation can sometimes be unavoidable and so a thorough understanding of trustee duties, obligations, and potential risks is paramount to minimising the likelihood of trust litigation and ensuring that a trust is run smoothly.

We consider trustees’ primary duties alongside how these can be managed proactively in order to minimise the risk of trust litigation.

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The relevance of settlor’s wishes from time to time in a trust context

In private wealth practice involving discretionary trust structures, letters of wishes allow settlors to communicate non-binding requests to trustees regarding the exercise of their discretionary powers. Professional trustees are typically well-versed in the use and limitations of these letters. However, recent concerns have emerged about how to handle changing wishes of settlors after the trust is established.

This article explores settlor’s wishes, the particular problem areas, and how to grapple with changing settlor wishes as a trustee.

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Recent trust cases in the Cayman Islands

In this in-depth review, Tony Pursall and William Ostick from our International Trusts and Private Client team explore some of the more significant trust cases that came before the Cayman Islands Grand Court in 2023.

This includes Frabran Holdings Limited v Daventree Trustees Limited and the matter of HEC International Ltd (in Official Liquidation).

Read the full article >

Upcoming events – meet our team in person

• PCD Club NextGen Summer Party, London | 26 June
• Mourant Jersey Trusts and Private Wealth Forum 2024, Jersey | 2 July
• Mourant Guernsey Trusts and Private Wealth Forum 2024, Guernsey | 4 July
• Thought Leaders 4 Private Client – Contentious Trusts 2024: The 3rd Annual Summit, London | 4 July
• Wilberforce Fraud, Trusts & Asset Recovery Conference 2024, London | 4 July

For more information on our Private Wealth offering, or any of the issues covered in this newsletter, please contact our team for an initial discussion.