British Crown dependency Jersey has brought Hastings-Bass rule into law and also amended the rule to Jersey’s trust legislation.
The Trusts (Amendment No 6) (Jersey) Law 2013 provides clear picture for courts, practitioners and those who work with or benefit through Jersey trusts.
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Hastings-Bass is a 35yr old ruling, which has been used to unwind mistakes made by trustees such as adverse tax consequences that would otherwise end up costing their clients money.
Jersey Finance CEO, Geoff Cook, said since its enactment in 1984, the Trusts (Jersey) Law has proved to be a highly effective and hugely influential piece of legislation.
"This latest amendment, only the sixth in nearly 30 years, provides welcome clarity for the Royal Court and for the many settlors, trustees and beneficiaries, all over the world, who enjoy the benefits of having Jersey law as the governing law of their trusts," Cook added.
"The ability for the Royal Court to give discretionary relief when a beneficiary finds itself materially prejudiced by a trustee’s decision – made, perhaps, in good faith but unfortunately founded upon erroneous advice – provides a welcome alternative to the uncertainties and costs which surround ‘classic negligence litigation."
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By GlobalData"With an estimated £0.4 trillion of trust assets under administration in Jersey, this amendment can only serve to further bolster Jersey’s already highly regarded international private wealth offering."
