Ireland

QP Essay Topics for submission in 2012

A  LAW

01  Discuss the extent to which trustees can borrow funds on behalf of a trust, on what basis and what factors should be taken into consideration. What remedies are available to beneficiaries when trustees act beyond their powers in borrowing funds? Reference to relevant case law should be included.

02  If you were representing a client whose deceased spouse had transferred what they considered to be their rightful inheritance into a discretionary trust, where the surviving spouse was not named as a beneficiary, what would you need to build a case for having the trust set aside? Reference to relevant case law should be included.

03  Comment on the Law and Tax treatment applicable to charitable bequests in the light of the Charities Act 2009 and discuss the relevancy of the cy pres doctrine.

B  ACCOUNTS AND ADMINISTRATION

01  You are instructed to review the administration of an existing trust, which has been running for 20 years, with a view to establishing that it has been correctly administered. Write a review plan explaining the steps that are required in order to assess the administration, taxation and accounting.

02  Outline the statutory requirements for accounts (trusts and estates), their purpose, format and who is entitled to see them. In your opinion, what would best practice regarding trust accounts involve?

03  Give an analysis of the issues that trustees should consider in the selection of an investment strategy and the appointment of an investment advisor.

C  TAXATION

01  Discuss the tax implications to trustees and beneficiaries involved in winding up a discretionary trust, with trustees domiciled in Ireland and beneficiaries in both Ireland and the UK. The trust assets are a portfolio of commercial retail properties in Dublin and the beneficiaries are undecided on whether to sell them or transfer them into new, smaller trusts for each branch of the family. Discuss the factors that you would raise with the beneficiaries in order to aid their decision.     

02  What matters should be considered if your client wishes to purchase a sizeable property in a civil law jurisdiction? In particular, consider the will drafting and taxation implications.

03  The Sunday Independent asks your firm to supply an article explaining why wills are necessary. Your article should outline the rights of spouses and unmarried partners in the event of their partner dying intestate, paying particular attention to areas where taxes may be mitigated by a valid will.

D  LOCAL ISSUES IRELAND

01 CBEG Prize topic: Provide an analysis of the key differentiating factors between common law and civil law approaches to the succession to assets on death.  You should address conflicts of law issues and any international initiatives designed to reduce the practical impact of these conflicts

02 You have been asked to prepare a short presentation for a trainee solicitor in your firm regarding trusts. Describe the significance and effect of the proper law of a Trust, how the proper law is determined, how it can be changed and detail reasons why it might be appropriate to change it. No slides are required for this essay; written notes only.

03 A client who was born in the US and has relocated to Ireland with an Irish spouse approaches you regarding estate planning. He is a director for a firm that has worldwide business interests, listed on the Main Securities Market of the ISE and occasionally receives share options as part of his remuneration package. Assess the options available to him in order to pass the maximum inheritance on to his immediate family.