Trusts Law amendments continue to develop island's private wealth offering says lawyer

Monday 18 June 2018

Updates to Jersey's Trusts Law, which include clarity surrounding the disclosure of information to beneficiaries, help to ensure the island remains one of the world's leading international private wealth centres, according to trusts lawyer Siobhan Riley.

Ms Riley, the head of Carey Olsen's trusts and private wealth group, said the five key provisions of 'Amendment No. 7' to the Trusts (Jersey) Law 1984, refined and enhanced the existing legislation.

She said: "While it has been on the cards for some time, the re-write of Article 29, makes it absolutely clear that the terms of a trust can restrict a beneficiary's right to information, subject to any order of the court..

"It expressly provides that a trustee may refuse disclosure where it is satisfied that such disclosure would not be for the benefit of one or more of the beneficiaries. We anticipate this amendment will be welcomed by settlors and trustees alike because it brings certainty and limits the need for a trustee to apply to court where it has determined to withhold trust information from a beneficiary.

"Jersey's Trusts Law is highly regarded across the globe and has been followed by many other jurisdictions worldwide. As part of the continuing work to ensure that the legislative framework continues to support the needs of the industry, Amendment No. 7 clarifies and further develops certain provisions, reaffirming Jersey as a jurisdiction of choice for international private wealth clients."