The discussions were lively and interesting, with the highlight being the keynote address on “Brexit” by Robert Buckland QC MP.  Whilst Robert Buckland is as in the dark as we are on predicting what will happen with Brexit over the coming months, his presentation provided a fascinating insight into the role of the Solicitor General for England and Wales, a role held by Mr Buckland since 2014. 

Different Types of Trust Fund Assets

There were various informative talks on different assets that may be included in a trust fund, including art work, jewellery, yachts and operating businesses. The primary points for a trustee to consider included:-

  1. Ensuring that the trustee holds adequate insurance for a particular asset, with consideration  of the location of the asset and who has access to it;
  2. The value and provenance of the asset. The art world can be very dangerous for the inexperienced and it is vital appropriate and professional advice is obtained before art work is purchased or sold;
  3. The duties of the trustee if the trust fund includes an operating business and the effect of anti-Bartlett clauses; and
  4. Assets such as art work and yachts are often considered to be emotional assets to a settlor or beneficiary which may reflect their passion and lifestyle.

Regulatory Environment

It is becoming more and more difficult to keep up to date with the ever changing regulations especially when there are cross jurisdictional elements to a structure and it is vital for trustees to keep pace. 

The US as a Trusts Jurisdiction

The US is emerging as an attractive trusts jurisdiction with favourable treatment towards the liability of trustees, the confidentiality provided by the Courts and the position the Courts take to trusts within family proceedings.  The fact that the US has not currently adopted CRS may seem favourable to some however, it is important that one treads carefully to ensure there is no wrong doing by individuals or their advisors.

 Zhang Hong Li & Others v DBS Bank (Hong Kong) Ltd & others

The case of Zhang Hong Li & Others v DBS Bank (Hong Kong) Ltd & others [2018] HKCA 435 became the most talked about case of the conference with many discussions leading back to the duties of trustees and the importance for procedures to be put in place for trust asset reviews and for approving and rejecting investments. 

The main theme to be drawn from this year’s conference is that the future of the private client market appears to be towards more bespoke trusts focussed around wealth planning for future generations rather than “standard products” and it is as important as ever for trustees to have clear, well-established relationships with settlors and beneficiaries from the beginning to ensure clarity over everyone’s circumstances. 

To learn more about our work in this area please contact Esmond Brown or Melissa Wong.




Isle of Man

Twitter LinkedIn Email Save as PDF
Experts involved

Fraser Robertson

Group Partner: Jersey

T +44 (0)1534 818 032
E Email Fraser

Esmond Brown

Senior Associate

T +1 345 814 2012
E Email Esmond

Melissa Wong

Associate: Isle of Man

T +44 (0)1624 647 602
E Email Melissa

More Publications
31 Jan 2020 |

Brexit Day has arrived: What does that mean for Jersey, Guernsey and the Isle of Man?

Brexit Day has arrived, and at 11 o’clock this evening the UK’s EU membership will come to an en...

2 Dec 2019 |

The International Comparative Legal Guide to Gambling 2020 – Isle of Man Chapter

Appleby has provided the Isle of Man chapter to the ICLG Gambling 2020. The "International Comparati...

Contributors: Sophie Corkish
2 Dec 2019 |

Reflections on the 16th Annual Isle of Man STEP Conference 2019

Appleby Isle of Man Senior Associate Erin Trimble-Cregeen and Associate Melissa Wong recently attend...

Contributors: Erin Trimble-Cregeen
9 Oct 2019 |

Transparency and the Crown Dependencies

Transparency of beneficial ownership information has been a political issue since June 2013 when Bri...

18 Sep 2019 |

Offshore listing Vehicles to benefit from the Shanghai - London stock connect

Offshore listing Vehicles to benefit from the Shanghai - London stock connect

Contributors: Huiyan Liew
22 Jul 2019 |

Isle of Man Personal Injury Discount Rate Revision

The Lord Chancellor has this week announced the long-awaited revision of the Discount Rate in Englan...

26 Jun 2019 |

Regulatory Headwinds

Faced with increased scrutiny from regulators on both global and jurisdictional levels, businesses m...

Contributors: David Dorgan
24 Jun 2019 |

Reflections on the AIJA – INSOL Europe Joint Insolvency Conference

Claire Corkish attended the AIJA - INSOL Europe Young Members Insolvency Seminar in Mallorca on 13-1...

Contributors: Caren Pegg
19 Jun 2019 |

Beneficial Ownership Update: Crown Dependencies

The Crown Dependencies (Jersey, Guernsey and the Isle of Man) have announced a joint policy commitme...

Contributors: Alison MacKrill, Caren Pegg