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1. What is a Trust? What types of Trusts have evolved, for what purposes are they generally used and what are their principal advantages
2. Which Law governs Trusts within the jurisdiction?
3. Are there any relevant International Laws? Has this jurisdiction implemented the Hague Trusts Convention?
4. Which rules govern choice of law issues? What, in outline, is their effect
5. What regulatory provision governs trusts? Is there any requirement of licensing or registration?
6. Are there any restrictions on the person who may become a trustee?
7. Are there any restrictions on the terms of trusts?
8. Are Purpose Trusts recognized within the jurisdiction? What are their main uses and advantages?
9. Are Asset Protection Trusts recognized within the jurisdiction? If yes, what are their main uses and advantages?
10. What is the perpetuity period?
11. How is a trust established? What procedures are followed, and are there any requirements as to the form of the trust instrument?
12. Are private trust companies recognized? What are the advantages and disadvantages of establishing a trust with a private trust company?
13. What (if any) tax or stamp duty is payable in relation to trust assets/receipts?
14. What role does the court play in relation to trusts?
15. Who is entitled to bring court proceedings relating to a trust? Any person having an interest in the trust. Do third parties ever have locus standi to do so? Yes, if they have an interest in the trust?
16. What, in outline, are the duties of trustees? What remedies are available in the case of actual or threatened breach of those duties, and who is entitled to sue for such remedies?
17. What remedies are available in the case of disputes between co-trustees?
18. Are trust protectors recognised in this jurisdiction? If so, what is their main role, and how does their remit compare with that of the trustees? What remedies are available in the case of disputes between the trust protector and trustees/ beneficiaries/settlor?
19. What particular problems may arise in relation to trusts of shares? How have such problems been addressed? (eg VISTA trust in BVI)
20. What is the effect in law of the insolvency of the trustee or beneficiary? Does the trust property form part of the insolvent party’s assets for the purposes of the insolvency?
21. What is the effect in law of the expiry of the trust period?
22. What is the effect in law of the death of trustee or trustees? What steps should be taken in this event?
23. What is the effect in law of the death of the beneficiary or beneficiaries?
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