Flexibility in relation to beneficial entitlement

Moffat, Graham; Bean, Gerry; Probert, Rebecca

doi:10.1017/cbo9780511840517.009

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“…203 The twentieth century saw a flowering of discretionary trusts intended to make the beneficial owners of trust assets unidentifiable, so that no one would owe taxes on those assets and no one's creditors would be able to collect their debts therefrom. 204 Five of the recent reforms to donative private trust law and practice reviewed in PART II are easily understood as further steps in service of the same function, looking to further private right-holders' enjoyment of the property in which they hold rights, including, where necessary, by frustrating others' rights and powers. The decline of beneficiaries' rights protects them by depriving them of rights and powers tax authorities and other creditors could seize and exploit.…”

Section: Form and Functionmentioning

confidence: 99%

The stripping of the trust: A study in legal evolution

Hofri-Winogradow¹

2015

University of Toronto Law Journal

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The law of trusts has spent the last twenty years rapidly shedding many traditional requirements, forms, and restrictions which imposed liability on negligent trustees, protected vulnerable beneficiaries, and prevented the use of trusts to avoid the claims of settlors’ and beneficiaries’ creditors, including their spouses, their children, and their governments. This article studies seven aspects of this ‘stripping of the trust,’ examines its consequences from both a distributive justice and a corrective justice point of view, and inquires whether the resulting stripped-down model coheres with the traditional functionality of donative private trusts. I found that most of the current reforms have welfare-reducing distributive consequences, in some cases inflicting externalities on all except the parties to a given trust, in others transferring value from settlors and beneficiaries to the trust service providers serving them. Most of the reforms discussed also create potential for infringements of corrective justice which either did not exist, or was less significant, pre-reform. I conclude that all but one of the seven reforms I examine should be reversed.

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Section: Form and Functionmentioning

confidence: 99%

The stripping of the trust: A study in legal evolution

Hofri-Winogradow¹

2015

University of Toronto Law Journal

View full text Add to dashboard Cite

show abstract

Flexibility in relation to beneficial entitlement

Cited by 1 publication

References 0 publications

The stripping of the trust: A study in legal evolution

The stripping of the trust: A study in legal evolution

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