Private Client & Trust Bulletin – Fall 2021

Conyers

Welcome to the sixth edition of our Private Client Bulletin, bringing you the latest private client and trust news and insights from Bermuda, the Cayman Islands, BVI and Asia.

This edition features articles on offshore trust law, marital disputes, and highlights our team’s recent contribution to the Mondaq Private Client Comparative Guides.

We also share a roundup of news from our Hong Kong office and reintroduce you to our longstanding team member, Jeffrey Elkinson who is profiled in this edition.

We trust that you find these articles useful and thank you for your continuing business.

Enjoy the read!

The Issue With ‘Issue’ – Difficulties Arising With Potential Distinctions Between Children Born Inside and Outside Marriage
Peter A.S. Pearman and Grace Quinn, Bermuda

Generally speaking, the legal distinction between legitimate and illegitimate children has been largely abolished. However, for some individuals, the distinction remains important and they wish assets to pass through a legitimate line. In Bermuda, there are several things a responsible trustee can do to mitigate the potential risks of family disharmony and expensive litigation should difficulties arise.

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When Can an Offshore Court Act as an Auxiliary Court?
Robert Lindley and Wesley O’Brien, Cayman Islands

In certain circumstances an onshore family court has requested an offshore court to act as an ‘auxiliary court’ to divorce proceedings. To understand the extent to which offshore trust law and offshore courts will protect trusts from a variation order granted in foreign divorce proceedings, the authors discuss various judgments from the courts of the Cayman Islands and Jersey.

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The Evolution of the “Watchdog” Role of Protectors
Anna Bruce-Smith, Ben Adamson, Grace Quinn and Britt Smith, Bermuda

The Supreme Court of Bermuda released its ruling in ‘In the Matter of the X Trusts’ determining whether the Protector role was akin to a watchdog or whether it was fully discretionary (so that they could reach their own conclusions on the issues before them). The judgement is essential reading for those who draft trust deeds with protector provisions.

Read more »

Modernisation of the British Virgin Islands Trust Legislation
Robert Lindley, British Virgin Islands

Legislative amendments to the British Virgin Islands’ Trustee Act demonstrate the island’s engagement in the process of fine-tuning the legislation by way of reforms. These welcome improvements ensure that the BVI remains a leading offshore jurisdiction for the establishment, administration, and maintenance of trusts.

Read more »

Divorcing the In-Laws: Marital Disputes and Their Effect on Wider Family Finances
Sarah Bailey-Munroe, Bermuda

In most cases, a marriage represents the joining of two families, rather than simply the two individuals who take vows. It is perhaps unsurprising therefore that the emotional fallout of a divorce can similarly involve the wider family. When gifting or loaning of property and cash during a marriage takes place on an informal basis with little consideration or legal advice, it can provide fertile ground for disputes over ownership upon divorce.

Read more »

Cayman STAR Trusts
Robert Lindley and Wesley O’Brien, Cayman Islands

STAR Trusts are a form of trust that is exclusive to the Cayman Islands. They have a wide variety of practical applications. The unique features of a STAR Trust provide clients with structuring options that are often not possible with an ordinary trust, and which can be particularly useful in a commercial and transactional context. Here we summarise some of the main features and applications of this type of trust.

Read more »

Mondaq Comparative Guides
Robert Lindley and Wesley O’Brien, Cayman Islands
Anna Bruce-Smith, Bermuda

Our global Private Client & Trust team is pleased to have contributed to the Mondaq Private Client Comparative Guide which shares key points of law and practice and allows you to compare regulatory environments and laws across multiple jurisdictions.

Read more » Cayman Islands Guide

Read more » Bermuda Guidehttps://jdsupra-html-images.s3-us-west-1.amazonaws.com/2b1c8763-f411-4139-ba21-c34202e28268-spacer.gif

Meet the Team: Q&A with Jeffrey Elkinson

In this edition of the Private Client & Trust Bulletin, we sit down with Conyers Director, Jeffrey Elkinson. Jeffrey has been with the Bermuda office of Conyers for 33 years and is a well-known arbitrator and counsel. He has three law degrees, is admitted to practise in seven jurisdictions, is a Special Assistant Attorney General for Massachusetts and sits as an Assistant Justice of the Bermuda Supreme Court. He is also a past president of the Chartered Institute of Arbitrators, the pre-eminent global training organisation for dispute resolution. Jeffrey speaks about career highlights, the push for global corporate taxation and why firewall legislation is important.

Read the Q&A »

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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