A LAW
01 Critically assess the impact and uses of the
recent amendments to the Bahamas Trustee Act and the introduction
of the Bahamas Executive Entity.
02 What remedies are available to trustees who
make mistakes in administering trusts, now that the rule in
Hastings-Bass is not as forcefully available as it was before?
B ACCOUNTS AND ADMINISTRATION
01 Discuss what steps trustees should take as
regards identification of the settlor and beneficiaries and the
source of the funds settled. What action should a trustee take, if
any, if they suspect that a potential client is involved in money
laundering activities?
02 Write a “best practice” set of guidelines
for ABC Trust Company, detailing procedures relating to a trust
with an underlying company’s accounts. For example, your guidelines
could include recommendations on how often a trial balance should
be produced, as well as a description of the annual accounts and
who is entitled to see them. Explanations of why the administrative
staff should follow best practice should also be included.
C INTERNATIONAL JURISDICTION
ISSUES
01 CBEG Prize
topic: You’re approached by a married
couple, both British citizens of Greek descent, who own a house in
an affluent area of London, which is their only residence and a
small IT business that makes an annual profit of around £1 million,
which is their main source of income. The wife has taken up
property development as a hobby and has one or two small properties
across the Southeast of England at any time, which she works on on
weekends and aims to sell within a year of purchase. The husband
has recently inherited some land in Northern Cyprus and the couple
would like to have new Wills to take this into account, naming
their son and two daughters as equal beneficiaries of their shared
property. Give a detailed analysis of the issues that a
conscientious will writer should take into account at each stage of
the will writing process, from taking instructions to delivery of
the completed documents.
02 Analyse the
impact on a fixed interest trust where one of the beneficiaries
marries a US citizen.
D LOCAL JURISDICTION ISSUES
BAHAMAS
01 What estate-planning advantages or
opportunities (tax-neutral and otherwise) are available through the
use of companies limited by guarantee without a share capital?
02 Write an article assessing
the impact of the introduction of the International Business
Companies Act 2000 on the Bahamian trust industry.