Recent Trust Cases Before the
Bermuda Courts
STEP Bermuda 2013
13th Annual Conference
Moderator: Keith Robinson, Appleby
Panelists: Paul Smith, Conyers Dill & Pearman
Andrew Martin, MJM Limited
Thursday 28 February 2013
2012 – A Year in Review
• Putting it right: remedying problems arising from
defective trustee appointments (Francis Tregear
QC, Trusts and Trustees, February 2013)
• [Exclusive] Jurisdiction Clauses – In the Matter
of A Trust [2012] SC (Bda) 72 Civ
• Blessing of Momentous Decisions (Public
Trustee v. Cooper [2001] W.T.L.R. 901)
• Schmidt v. Rosewood – The Bermuda
Sequel?
ABC Trusts
• Application of section 47 Trustee Act - unique Bermuda provision
• Enables variation of beneficial interests in trusts, without beneficiary
consent
• Used for:
 Restructuring trusts
 Family arrangements
 Tax planning, particularly with US resident beneficiaries
 New perpetuity period
• Hybrid of two pieces of English legislation – s57 Trustee Act 1925
and s64 Settled Land Act 1925
• Expediency trigger
Confidentiality Orders
•
•
•
•
•
Open Justice vs. Personal Privacy
Constitutional Requirements
Legitimate exceptions and limitations
Tools available
Practical Tips
“Having regard to Bermuda’s status as an offshore trust domicile, this court
is bound not just to be sympathetic to the privacy needs of those who
establish trusts here, but also to the need to promote the development of
Bermuda trust law as well.”
Per Kawaley CJ in Guardian Limited v Bermuda Trust Company Limited