Recently tabled in the House of Assembly, the Proceeds of Crime Amendment (No.3) Act 2017 (“PCA3”) will have the effect of extending regulatory reach to lay trustees.
Some of you already act as a trustee for a friend or family member. Others will be asked to do so in future. The playing field is changing for lay trustees and it is important to fully understand the responsibilities of the position.
A new Progressive Labour Party Government signalled its intention to build “a better and fairer Bermuda” by “ensuring social mobility and removing social inequality” through economic growth when its legislative agenda for the forthcoming parliamentary year was unveiled in the Speech from the Throne delivered on the opening of Parliament on Friday the 8th of September following the party’s landslide election in July.
Describing Bermuda as the most expensive country to live in 2016, the new Government announced its priorities would be: reducing the cost of living; creating more jobs for Bermudians; and growing the Bermuda economy.
Church Bay Trust Co. Ltd. v Her Majesty’s Attorney General for Bermuda  SC (Bda) 34 Civ (1 May 2017)
In this case, the Plaintiff Trustee sought rectification of a Settlement on the grounds of mistake as the terms of the Trust Deed conferred a power upon the Trustee to add and exclude beneficiaries only during the lifetime of the Settlor. The Court held that the quality of the evidence supporting the mistake was very high because it was derived from prior to the execution of the Deed and was based on communications between the Trustee and Settlor. It was clear that the Settlor did not intend the Trust property to go to charity (the ultimate beneficiary) when there were alternative persons identified by him to be added as beneficiaries. Therefore, in an effort to give effect to the true intentions of the Settlor, the application was granted to rectify the Trust Deed in the terms prayed.
The Chief Justice has recently considered the impact of the Children Act 1998 (“the Act”) as amended by the Children Amendment Act 2002 (“the 2002 Amendments”) upon the ability of trustees to change the governing law of a foreign law trust to Bermuda.
The 2002 Amendments, which came into force in January 2004, created a new rule for construing all instruments, including international trusts. On one reading of the Act, a person can no longer validly give a gift or make dispositions of property to their “legitimate children” only (unless each legitimate child is identified by name), since such a gift/disposition would be construed as a gift/disposition to their legitimate and illegitimate children.
Recently in the news there have been increasing reports of rescue efforts and road accidents where members of the public have been praised for assisting the victims until emergency services personnel arrived. For some people, leaping to action in those circumstances is an instinctual response to seeing a fellow man or woman in need. But what happens if in doing so that person makes the matter worse?