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For those in the business of holding and managing private wealth, turbulence like we experienced in 2009 is the ultimate “stress test” for trusts. Weaknesses become apparent in existing structures, often requiring the structure itself to be amended. Investments perform badly and beneficiaries look for someone to blame. Tensions within the family or between various branches of the family become more acute. All of this leads to the development of the law and of drafting practice as practitioners and legislators adjust to changing requirements.
This article explores some of the common issues with which some trustees of Cayman Islands trusts have grappled recently, including those most likely to lead to disputes or to land the parties in court.
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Key issues for Cayman Trustees