01 Evaluate a trustee’s ability to delegate investment powers under
statutory provisions or as may be stated in a standard trust
instrument. What may a trustee do in order to prevent their being
deemed liable for unforeseen losses to the trust fund as a result
of following an investment advisor’s advice?
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?
03 Prepare the kind of article that you would put into your
marketing literature or on a website, highlighting in particular
any relevant legislation that makes Bahamian trusts attractive to
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
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.
03 Consider the record-keeping procedures that a Trustee must
maintain in the proper administration of a Trust. Details of the
kind of records and length of time that it is advisable for
Trustees to maintain records should be included.
C INTERNATIONAL JURISDICTION ISSUES
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 Analyse the impact on a fixed interest trust where one of the
beneficiaries marries a US citizen.
03 Describe the comparative advantages and disadvantages of Trusts
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
03 Outline the typical reasons for and structure of a Private Trust
Company, as made possible by the 2007 amendment to The Central Bank
of The Bahamas Act, 2000 and The Banks and Trust Companies
Regulation Act, 2000.