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Trust Quarterly Review (TQR)

A quarterly technical digital publication, the TQR provides in-depth technical analysis containing the latest papers from leading practitioners.
STEP TQR June 2019

On behalf of the editors, welcome to the September 2019 edition of the Trust Quarterly Review. This issue examines the law of fiduciary obligations in Malta and its application in the world of blockchain, the offshore implications of Cowan v Foreman and its impact on the use of stand-still agreements in England and Wales, and the significant changes to the Cayman Islands trusts regime. We also delve into a recent decision of the US Supreme Court preventing North Carolina from taxing out-of-state trusts, and we explore the differences that exist in notarisation, real estate transfer and tax collection in Shanghai. The comprehensive 18th edition of Theobald on Wills is also reviewed. 

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September 2019

An introduction to this edition from the Editors. Read more

William J Kambas TEP, James I Dougherty and Lisa G Page share their insights into the decision of the US Supreme Court in the case of North Carolina Department of Revenue v The Kimberley Rice Kaestner 1992 Family Trust. The Court prevented North Carolina from taxing out-of-state trusts, and there could be wider ramifications for this area of the law if others are emboldened to challenge the relevant tax regimes in the US. Read more

The recent England and Wales Court of Appeal decision in Cowan v Foreman provides clarity on the use of stand-still agreements when bringing a claim under the Inheritance (Provision for Family and Dependants) Act 1975. Lucy Diggle TEP explores the decision from an offshore practitioner's perspective and comments on those factors English practitioners will have in mind when advising in relation to a 1975 Act claim where the deceased died leaving assets offshore. Read more

Henry Mander TEP and Matthew Howson TEP review changes to the Cayman Islands trusts regime, now that the Trusts (Amendment) Law 2019 has come into effect. The key change is undoubtedly a statutory codification of the 'rule in Hastings-Bass'. However, other amendments include expanding the foreign judgments 'firewall' and replacing the 'benefit' requirement with 'no detriment' when binding minors and unborns to variations and dispute settlements. Read more

Dr Max Ganado TEP addresses the question as to whether fiduciary obligations arise in the context of the development, deployment and operation of a blockchain platform and, if they do, how. Ganado goes on to review provisions in the Maltese Civil Code of fiduciary obligations and references some important international legal analysis on the subject. Read more

An ever-increasing number of Chinese clients wishing to pass on their wealth after death means the gifting of real estate has become an important area of activity for notaries and other legal professionals in the area. Zheng Zhang explains the characteristics of notarisation, real estate transfer and tax collection in Shanghai, as well as proposing appropriate solutions to the problems arising in practice. Read more

Julie Bell TEP reviews the 18th edition of Theobald on Wills, which still remains instructive, almost 150 years after it was first published. Read more