Go Offshore to Avoid Trust Transparency?Go Offshore to Avoid Trust Transparency?
As more states adopt the Uniform Trust Code,1 it is going to become increasingly difficult for trust settlors and trustees to maintain the levels of confidentiality that, until now, they've been able to take for granted.2 Indeed, even in states that have not adopted the code, judicial attitudes appear to be moving in the same direction: toward transparency and disclosure3 and away from privacy. So,
Ian Marsh, principal, Withers LLP, London, and Michael Ben-Jacob, associate, Withers Bergman LLP,
As more states adopt the Uniform Trust Code,1 it is going to become increasingly difficult for trust settlors and trustees to maintain the levels of confidentiality that, until now, they've been able to take for granted.2 Indeed, even in states that have not adopted the code, judicial attitudes appear to be moving in the same direction: toward transparency and disclosure3 and away from privacy.
So, does the answer to keeping trust matters confidential lie offshore? Perhaps it does, even though, at first glance, governing law seems consistent with the growing U.S. penchant for disclosure.
The accepted position under English law (which generally ...
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