Kinley Legal is able to advise the settlors, trustees, protectors, enforcers and beneficiaries of trusts on matters of trust law.
The Isle of Man is highly regarded for its trusts, and has the distinction among all international financial centres of having the most similar trust law to that of England and Wales, although to which it is not identical. This means, for instance, that in the event of an issue arising as to the interpretation of a trust deed, not only does the Isle of Man have its own high quality experts and case law, it can call upon London-based legal experts and hundreds of years of relevant English jurisprudence. Forced heirship provisions found in civil law jurisdictions do not form part of Isle of Man trust law.
Acting as a trustee, protector or enforcer of a trust in the Isle of Man is a licensable activity. Kinley Legal does not have its own trust service provider (TSP); instead, it offers its clients a choice of service providers for setting up and administering a trust in the Isle of Man or moving an existing trust to or from the island. Kinley Legal advises clients such as TSPs acting as trustees, protectors or enforcers as well as the settlors and beneficiaries of trusts. In appropriate cases, Kinley Legal advises TSPs on the scope of due diligence they have to do on their Russian clients, appropriate monitoring processes for trusts they administer, their duties as trustees, and constitutional and contractual documents. Kinley Legal is particularly well qualified to provide multi-jurisdictional advice in such complex situations for specific countries.
Typical matters on which Kinley Legal has advised include:
- advising TSPs on relevant considerations when proposing a trust arrangement to a prospective client;
- negotiating amendments to standard form trust deeds and letters of wishes proposed by a TSP, on behalf of an intended settlor;
- preparing tailored trust deeds and letters of wishes for new trust arrangements;
- drafting supplementary instruments for trusts, for purposes such as changing trustees, amending operative provisions, changing the governing law or place of administration, making distributions or providing indemnities;
- recording of important decisions made by trustees and delegations of their authority;
- preparing instruments for specialist trusts established for specific non-charitable purposes rather than beneficiaries pursuant to the Purpose Trusts Act 1996; and
- assisting with arrangements for the winding up of trusts.