44. Is there any specific legislation which legitimises the retention of any powers by the settlor?
45. What limits are there on the legitimacy of a Letter of Wishes and how are such instruments properly created and used?
46. What have been the latest developments in trust law and regulation in the jurisdiction and what changes are planned or expected?
47. Are private trust companies a feature of trusts in the jurisdiction and are there firms or organisations who could host such a private trust company?
48. Are there any particular laws relating to the setting up of a private trust company? If so, are there any precautions which should be taken to ensure that the trust remains valid?
49. If the majority of trustees are resident outside the jurisdiction, is it necessary to have one of them, or an agent, resident in the jurisdiction?
50. Once a trust is set up, what access can the public or government, local or foreign, have to details of the parties involved in the trust or trust assets under OECD Exchange of Information agreements, double taxation treaties or mutual assistance agreements? Is information revealed to foreign tax authorities automatically or solely in response to enquiries properly made under these international agreements?
51. What are the main types of trusts and their particular uses (for example, interest in possession, discretionary or accumulation and maintenance trusts)?
52. Can any type of assets be placed in a trust (examples should be given of types of assets which may be included which are in addition to the normal range of cash, securities and land)?
53. What are the formal requirements which are required such as certainty of intention of subject matter and of objects?
54. Following the previous question, are shams a danger in the jurisdiction and what are the consequences of an arrangement being declared a sham?
55. What is necessary to make a trust properly constituted, i.e., to make it active after the trust instrument has been signed; that is, to make the trust properly constituted? What are the consequences of this is not fulfilled?
56. Can trusts be set up by a declaration by the settlor that he henceforth holds assets which he already owns on trust for someone else, hence becoming the trustee, or is it necessary that there should be a transfer of the settlors’ assets to the trustee accompanied by a written instrument by which the trustee undertakes to hold the assets for the beneficiaries?
57. What powers are implied under the trust legislation to trustees and what powers need to be, and usually are, expressed in the trust instrument?
58. Can a settlor be appointed a trustee?
59. Can a settlor be made a beneficiary?
60. Are Protectors/Guardians usually incorporated into trusts in the jurisdiction; if so, what are the specific rules relating to them and, if none, how does the general law treat them?
61. Do protectors/guardians have fiduciary responsibilities?
62. To what extent do beneficiaries have any control over the trustees or over their appointment or dismissal?
63. Can beneficiaries indicate to the trustees how they wish the trust to be managed or may they terminate the trust when the law relating to such termination is fulfilled (such as under Saunders v Vautier)?
64. What is the standard of care required under the law for trustees and what measures exist to ensure an appropriate level of performance?
65. If a trustee fails to take an appropriate measure, what powers are there to correct the error which may be taken by the trustees, (e.g., by agreement with the beneficiaries) or with the consent of the court, e.g., ...............................................................?
66. If the trustees fail to fulfil the general terms of their duties or the particular requirements in the trust instrument, what action may be taken by the settlor or by the trustees particularly with regard to the possible need for cross-frontier negotiation or litigation?
67. What are the limits that trustees may claim indemnity for costs and expenses of running the trust and opposing outside claims and is any procedure advisable before engaging in litigation (such as a Beddoe application)?
68. Are the assets of a trust held by trustees considered in law to be separate from the trustee’s personal assets and thereby insulated from claims against the trustees personal creditors?
69. On transfer of assets to the trustees, the settlor must arrange for the legal title of the assets to be transferred and undertake whatever transfer procedures are required by the place in which the assets are situated; if this transfer does not take place entirely as proposed when the trust is set up, does this affect the validity of the trust?
70. What duty of care and other criteria are applied to the investment of trust funds? Can this duty be delegated by the trustees?
71. Can trusts migrate into or out of the jurisdiction and may they change their proper law?
72. Is the jurisdiction governed by the Hague Convention on the Recognition and Enforcement of Trusts and, if not, to what extent are foreign trusts recognised?
73. What powers are there for beneficiaries to seek replacement of trustees?
74. How are vacancies as trustees filled and what is the normal number of trustees who are appointed to a fixed interest or discretionary trust?
75. Under the law, what criteria are applied to persons licensed to deal with international trusts to determine whether they are ‘Fit and Proper’ persons to undertake this work according to the law?
