Trusts and Modern Wealth Management

Trust law has grown and developed over recent years through the continued ingenuity of practitioners and the provision of innovative new trust laws by offshore jurisdictions. The wealth managed through the medium of trust law has also changed in recent years, as increasingly it has come from the newly rich of Asia. This brings distinctive issues to the fore: the role of settlors, family members and trusted advisors in trust administration; the position of trustees in relation to instructions coming from such persons; and an increased desire for confidentiality in trust administration and the settlement of trust disputes. This collection focuses on trusts which are deliberately created to manage wealth and the concomitant issues such trusts raise in other areas of law. Essays from leading members of the judiciary, practitioners and academics explore these developments and their implications for the users of trust law and for society in general.

Introduction Richard C. Nolan, Tang Hang Wu and Kelvin F. K. Low; Part I: 1. The role of the courts today in the administration of trusts Launcelot Henderson; 2. 'Breaking bad': settlors' reserved powers Lusina Ho and Harold Hsiao-Wo Lee; 3. Trustees and third party powers Richard C. Nolan; 4. Trust arbitration clauses Matthew Conaglen; 5. Massively discretionary trusts Lionel Smith; 6. Trustees, fiduciaries and fetters David Pollard; Part II: 7. Derivative actions on behalf of the trust: Beddoe orders for beneficiaries Tang Hang Wu; 8. The entitlements of objects as defining features of discretionary trusts Peter G. Turner; 9. The beneficiary's performance interest in a trust: AIB v. Redler and the march of the compensatory principle James Penner; 10. Compensatory remedies for breach of trust Paul S. Davies; 11. Tapping into trust assets for redistribution upon divorce in England and Wales Simone Wong; 12. The vulnerability of trusts in divorce Rebecca Lee; Part III: 13. Mapping client sophistication: critical enquiry or unnecessary distraction? Christopher Hare and Travers Smith; 14. Misrepresentation and rescission Kelry Loi; 15. The alternative Australian Trusts Act (Cth) David Chaikin and Eve Brown; 16. Non-charitable purpose trusts: the missing right to forego enforcement Kelvin F. K. Low; 17. Trusts in civil law environments – can civil law jurisdictions such as Liechtenstein deal with core issues of trust law? Francesco A. Schurr; 18. High net worth trusts in the 21st Century: confiscatory taxes and duties? Tony Molloy, QC.

Richard C. Nolan is Anniversary Professor of Law at the University of York. He was previously Reader in Corporate and Trust Law at the University of Cambridge and a Fellow of St John's College, Cambridge.
Kelvin F. K. Low is Professor-Elect of Law at City University of Hong Kong, having previously taught at National University of Singapore, University of Hong Kong, and Singapore Management University.
Tang Hang Wu is a Professor and Director of the Centre for Cross-Border Commercial Law in Asia at the School of Law, Singapore Management University.