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Trust Law in Practice

In a slight departure from his series on Trusts and their uses, Bob Trunchion switches to look at a couple of recent cases where practitioners have come unstuck due to either poorly worded Trust documentation or lack of knowledge of how the schemes work

1 September 1996

In a slight departure from his series on Trusts and their uses, Bob Trunchion switches to look at a couple of recent cases where practitioners have come unstuck due to either poorly worded Trust documentation or lack of knowledge of how the schemes work

The first case (Figg-v-Clark 1996 STI 232) gave rise to an unexpected tax charge. A gentlemen had four children (the youngest born in January 1956). This person's father created a Settlement in 1963 into which a number of shares were put for the benefit of the gentleman and his issue. On 31st May 1963, the trustees of the Settlement executed a Deed of Appointment by which they revocably appointed that specified investments and the income thereof should be held thereafter in Trust in equal shares for such children of the man as were then living or should thereafter be born as should attain the age of 21 years. In November 1964 the gentleman suffered an accident as a result of which he was unfortun...

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