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Specialism: Lawyers Contentious Trusts, Estate Planning
Location: George Town, Cayman Islands
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Restructuring a trust, dividing it into separate trusts for different family units
Monique was instructed by a large institutional trustee of a Cayman Islands trust following the death of the patriarch/settlor. The deceased settlor's four children were the life tenants of the trust and the remaindermen (heirs) were the next generation of the family. Two of the life tenants were wealthy in their own right and the other two relied heavily on the trust for their day-to-day living expenses.
The trustee requested assistance in relation to complaints from the latter regarding the low level of income generated in the trust, given low interest rates and dividend/bond yields. We restructured the trust into four separate trusts for the different family units and interposed an underlying company under each new trust to hold the investments. This not only dealt with certain disputes surfacing among the family units, but also created new avenues for the generation of income with the option of receiving dividends from the underlying companies. We went on to facilitate the change of trustee and governing law of one particular trust due to a family dispute, with the other three trusts remaining under the trusteeship of our client.
The client commended us for proposing a creative solution that allowed the trustee to balance the interests of the present generation as well as the next.