Guide to set criteria

A NEW publication produced by the Society of Trust and Estate Practitioners looks set to become an important textbook for the transfer of trusteeships. Richard Williams, head of legal at Investec Trust, is general editor of the book which covers the key issues that can arise.

A Practical Guide to the Transfer of Trusteeships will be published this month.

Mr Williams said the need for such guidance was highlighted in the English Trust Law Committee's 1999 consultation paper. It recognised the need for proper protection by liens, indemnities or those who cease to be trustees.

At the time, Step suggested that many of the problems arising on the appointment of new trustees, especially the lengthy negotiation of indemnities, could be avoided if there was a standard industry-endorsed approach.

Mr Williams said the guide would set such a standard.

A group of 25 leading trust experts has contributed to the publication, which consists of a core section on English law supplemented by chapters detailing the differences between English and local law in the Bahamas, Bermuda, the British Virgin Islands, the Cayman Islands, Hong Kong, the Isle of Man, Singapore, Jersey and Guernsey.

Precedent deeds are also included for the appointment, retirement and removal of trustees, together with a detailed commentary on the drafting of such deeds, which particularly focuses on the indemnity provisions.

Mr Williams said he was delighted to be involved with editing the guide.

He worked alongside Arabella Saker, the trust and estate practitioner at Allen & Overy LLP, and Toby Graham, of TEP and Farrer.

'Our objective was to bring clarity to the process of transferring trusteeships and I believe that this book achieves that,' said Mr Williams.

'The guide contains a wealth of knowledge on English and offshore trust law and practice that will be indispensable to anyone involved in the transfer of trusteeships.'

The guide will be launched on 31 May with a London reception sponsored by Investec Trust and

hosted by Richard Pease, chairman of Step worldwide.