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Articles 1 - 30 of 30
Full-Text Articles in Estates and Trusts
Offshore Philanthropy: A Critical Look At Family Offices Using Hybrid Trusts, Hang Wu Tang
Offshore Philanthropy: A Critical Look At Family Offices Using Hybrid Trusts, Hang Wu Tang
Research Collection Yong Pung How School Of Law
Family offices manage substantial wealth and often undertake philanthropic initiatives as part of their broader objectives. These offices may assume a variety of legal forms, ranging from corporations, partnerships, trusts administered by private trust companies or a combination of these forms. This article is concerned with family offices which use trusts administered by private trust companies in offshore jurisdictions. In response to competition for global wealth, several offshore jurisdictions have enacted trust laws that relax traditional doctrinal constraints to accommodate the needs of family offices. These include the creation of discretionary trusts for hybrid purposes in perpetuity ie trusts that …
Modernising Wills For A Smart Nation, Hang Wu Tang, Edward Ti
Modernising Wills For A Smart Nation, Hang Wu Tang, Edward Ti
Research Collection Yong Pung How School Of Law
In a commentary, SMU Lee Kong Chian Professor of Law Tang Hang Wu and SMU Associate Dean (Undergraduate Curriculum and Teaching) and Associate Professor of Law Edward Ti highlighted that Singapore has digitalised almost everything around the will, but not the will itself. Prof Tang and Assoc Prof Ti noted that the current legislation insists that the will itself remains a paper ritual, which is not just an inconvenience but also risks Singapore’s competitiveness. They argued that Singapore should modernise without compromising on steps to prevent fraud and undue influence. They highlighted that the law should be modernised so that …
Constructive Trusts In Malaysia: A Methodological Reappraisal, Hang Wu Tang, Ying Khai Liew
Constructive Trusts In Malaysia: A Methodological Reappraisal, Hang Wu Tang, Ying Khai Liew
Research Collection Yong Pung How School Of Law
In recent times, Malaysian courts have resorted to a ritual incantation of unconscionability and the notion of a remedial constructive trust to justify a declaration of a constructive trust. This methodology is unhelpful for approaching constructive trusts and has led the law to develop in an unprincipled and unpredictable fashion. Our central thesis is that the key Malaysian decisions could have been decided on the basis of pre-existing legal principles upon which English and Commonwealth courts have declared a constructive trust. We argue that future courts ought to realign their methodology with the orthodox tradition of incremental development of the …
Broken Kinship: Family Property Disputes And The Common Intention Constructive Trust In Singapore, Hang Wu Tang
Broken Kinship: Family Property Disputes And The Common Intention Constructive Trust In Singapore, Hang Wu Tang
Research Collection Yong Pung How School Of Law
There has been a proliferation of common intention constructive trust claims in Singapore. The main reason is that families have acquired real estate using their collective earning power without explicitly considering the individual entitlement of each family member. When a dispute arises, the claim is often pleaded as a common intention constructive trust. The complication with applying the law on the common intention constructive trust is that this is an English doctrine developed to deal with a different social context i.e. the breakdown of the relationship between cohabiting couples. In Singapore, the common intention constructive trust applies primarily in a …
Not Such Massively Discretionary Trusts: Proper Purposes Doctrine And Protectors As Means Of Control, Man Yip, Hang Wu Tang
Not Such Massively Discretionary Trusts: Proper Purposes Doctrine And Protectors As Means Of Control, Man Yip, Hang Wu Tang
Research Collection Yong Pung How School Of Law
Innovation in drafting trust deeds has been central to international trust practice resulting in the discretionary trusts being the norm in modern wealth management. In a seminal article, Lionel Smith observes that these trust drafting practices have ‘led to an increase in the dispositive discretions held by trustees’. His analysis deprecates this development where the ‘trustees’ dispositive discretions effectively govern the whole trust structure’—which he labels ‘massively discretionary trusts’. Smith goes on to detail the various legal risks entailed in massively discretionary trusts which generally arise from the fact that the explicitly identified residuary or default beneficiaries are usually not …
Equity And Trusts, Hang Wu Tang, Yong Seng Tay
Equity And Trusts, Hang Wu Tang, Yong Seng Tay
Research Collection Yong Pung How School Of Law
Ivanishvili, Bidzina v Credit Suisse Trust Ltd' ("Ivanishvili") is a landmark trust case which makes major contributions to the law on trustee's duties in a settlor reserved power trust, anti-Bartlett clauses and constraints on the trustee's right to amend the trust deed. An appeal has been allowed in part by the Court of Appeal in Credit Suisse Trust Limited v Ivanishvili, Bidzina. The Court of Appeal's decision will be considered in next year's review. The present review of this case focuses on the decision of Patricia Bergin IJ. Mr Bidzina Ivanishvili ("Plaintiff"), his wife and their three children, were the …
The Islamisation Of The English Trust: The Hibah Trust In Malaysia, Hang Wu Tang
The Islamisation Of The English Trust: The Hibah Trust In Malaysia, Hang Wu Tang
Research Collection Yong Pung How School Of Law
Malaysia, being a former English colony, inherited a corpus of English law which includes equity and trusts. In recent times, major banks, financial institutions, and trust companies have reimagined the English trust in combination with Islamic law, by offering an innovation called the hibah trust. This instrument represents the Islamisation of the English trust concept where the Islamic idea of the hibah, an inter vivos gift and the English trust is combined as a wealth management offering to clients. This article explores how the hibah trust works, reasons why institutions may be offering this hybrid instrument, and potential challenges to …
Holding Residential Property On Inter Vivos Trusts In Singapore: Transfers Of Equity Interests, Vincent Ooi
Holding Residential Property On Inter Vivos Trusts In Singapore: Transfers Of Equity Interests, Vincent Ooi
Research Collection Yong Pung How School Of Law
Following amendments to the ACD regime in Singapore, transferring equity interests to and from a trust with no beneficial owners will attract ACD, as will the exercise of a power of appointment by a trustee to grant equity interests to a beneficiary. Renunciation of interests in a bare trust will also attract ACD. Together with the introduction of ABSD (Trust), it is now impractical to use trusts to hold residential properties for succession planning purposes. Remaining options are to gift the properties without any strings attached or bequeath the properties in a will and risk subsequent changes to death taxation.
Holding Residential Property On Inter Vivos Trusts In Singapore: Transfers Of Interests, Vincent Ooi
Holding Residential Property On Inter Vivos Trusts In Singapore: Transfers Of Interests, Vincent Ooi
Research Collection Yong Pung How School Of Law
As a response to the “missing beneficial owner” problem highlighted by the Zhao Hui Fang case, amendments have been made to Singapore’s stamp duty regime. ABSD will now be levied at 35% on transfers of residential property to trustees, with a remission available if certain conditions are met. These conditions effectively mean that residential property held on inter vivos trusts in Singapore must be given to beneficiaries without conditions or powers of revocation or variation. This has major ramifications for succession planning, since such restrictions largely defeat the purpose of using a trust to hold property in the first place.
A Trap For The Unwary: Enforcing Writs Of Seizure And Sale Against Joint Tenancies, Hang Wu Tang
A Trap For The Unwary: Enforcing Writs Of Seizure And Sale Against Joint Tenancies, Hang Wu Tang
Research Collection Yong Pung How School Of Law
Joint tenancies are a common method of holding properties in Singapore, and yet, the issue in relation to enforcing writs of seizure and sale against a judgment debtor who owns a property on a joint tenancy with another is fraught with great legal and procedural uncertainty. This paper seeks to cut through the thicket of confusion by unpacking the various legal and procedural difficulties surrounding enforcing a judgment via a writ of seizure and sale against a judgment debtor who owns property as a joint tenant with another. Specifically, this article seeks to offer solutions to the practical difficulties of …
Comparing Family Property Disputes In English And Singapore Law: "Context" Is Everything, Man Yip
Comparing Family Property Disputes In English And Singapore Law: "Context" Is Everything, Man Yip
Research Collection Yong Pung How School Of Law
This paper examines why Singapore law has not followed English law in the area of beneficial ownership of family property. It points out that the landmark cases in the two jurisdictions are underpinned by different family paradigms.The English landmark cases are based on the unmarried cohabitants paradigm and the legal rules that have emerged from these cases are aimed at, whether successfully or not, ensuring a fair division of the family home upon the breakdown of these relationships. In contrast, the Singapore seminal judgments are underlaid by contests between children over their parents’ property which raised questions as to the …
Trusts And Jurisdiction Clauses - Crociani Revisited: Ivanishvili, Bidzina And Others V Credit Suisse Trust Ltd [2020] Sgca 62, Kian Peng Soh
Trusts And Jurisdiction Clauses - Crociani Revisited: Ivanishvili, Bidzina And Others V Credit Suisse Trust Ltd [2020] Sgca 62, Kian Peng Soh
Research Collection Yong Pung How School Of Law
In the recent Singapore Court of Appeal decision of Ivanishvili, Bidzina and others v Credit Suisse Trust Ltd, the court analysed the effect of a forum administration clause in the trust context, holding that while the clause in question was a jurisdiction clause, it was not an exclusive jurisdiction clause governing the dispute between the trustees and beneficiaries.
Equity And Trusts, Hang Wu Tang, Yong Seng Tay
Equity And Trusts, Hang Wu Tang, Yong Seng Tay
Research Collection Yong Pung How School Of Law
Jocelyn Rita d/o Lawrence Stanley v Tan Gark Chong1 (“Jocelyn Rita v Tan Gark Chong”) is an example of an attempt to set aside a trust deed in the wake of BOM v BOK. 2 This case takes place in the context of a husband and wife relationship.
Exclusion Of Duty And The Irreducible Core Content Of Trusteeship: A Re-Assessment, Rebecca Lee, Man Yip
Exclusion Of Duty And The Irreducible Core Content Of Trusteeship: A Re-Assessment, Rebecca Lee, Man Yip
Research Collection Yong Pung How School Of Law
This article reviews Millett LJ’s classic characterisation of the irreducible core content of trusteeship. Using duty modification / exclusion clauses that are commonly found in modern trust-corporate structures to circumvent a trustee’s duty to actively engage in corporate management as an example, this article has two main objectives. First, this article re-examines the duty to act honestly and in good faith in the irreducible core; and secondly, it considers how our reanalysis can help conceptualise and construe the ‘residual supervisory obligation’ enunciated by the courts in the recent Zhang v DBS litigation.
Trustees’ Investment Duties And Cryptoassets, Hang Wu Tang
Trustees’ Investment Duties And Cryptoassets, Hang Wu Tang
Research Collection Yong Pung How School Of Law
This article considers the legal and practical concerns for trustees regarding cryptocurrencies and other related instruments, which will be referred to as “cryptoassets”. It will briefly introduce the various types of cryptoassets and explore the risks involved when trustees decide to (or not to) invest in these instruments. This article provides a framework on how trustees should approach the issue of cryptoassets.
Remedying The Abuse Of Organisational Forms: Trusts And Companies Considered, Pey Woan Lee
Remedying The Abuse Of Organisational Forms: Trusts And Companies Considered, Pey Woan Lee
Research Collection Yong Pung How School Of Law
Both the trust and the company are organisational forms distinguished bytheir ability to facilitate affirmative asset partitioning. However, this feature isvulnerable to abuse by those whose purpose is to defeat creditor rights. Thisarticle considers recent developments in judicial doctrines aimed atcountering such abuse and the extent to which they are explicable by, orcoherent, with economic analyses drawn from the work of Hansmann andKraakma.
Compelling Trustees To Exercise Their Discretion: A Principle Of Non-Intervention?, Hang Wu Tang
Compelling Trustees To Exercise Their Discretion: A Principle Of Non-Intervention?, Hang Wu Tang
Research Collection Yong Pung How School Of Law
This article explores the limitsof the principle of non-interference and examine situations where the courtshave overridden the discretion of the trustee and compelled the trustee to actin a particular manner. While there havebeen numerous instances where the courts have avoided the trustee’s act, thecases where the courts have actually compelled a trustee to exercise a power ina particular manner are relatively few. The thesis of this article is that amore helpful way to conceptualise the philosophy behind the judicial control ofa trustee’s discretion is not to say that the court is bound by a so-calledprinciple of non-interference; rather, the contention …
From Waqf, Ancestor Worship To The Rise Of The Global Trust: A History Of The Use Of The Trust As A Vehicle For Wealth Transfer In Singapore, Hang Wu Tang
Research Collection Yong Pung How School Of Law
This Article focuses on the migration of English trust law to Singapore and its past and present uses in relation to wealth transfer through the ages. In Singapore, trust law arrived together with the corpus of English law. Unlike criminal law, which was influenced by Indian codes promulgated by the English in British India, trust law was received into Singapore directly from England.
Revisiting Sham Trusts: Common Intention, Estoppel And Illegality, Alvin W. L. See
Revisiting Sham Trusts: Common Intention, Estoppel And Illegality, Alvin W. L. See
Research Collection Yong Pung How School Of Law
This article examines the prevailing view that, to find a sham trust, the settlor’s shamming intention must be shared by the trustee. This common intention requirement, it is argued, overprotects the trustee and the beneficiary, and suffers from inconsistent application to conceptually identical cases. Moreover, where the sham is concocted for the perpetuation of an illegal purpose, the requirement may contradict the operation of the illegality doctrine. This article proposes that the two doctrines ought to align and that any prejudice to an innocent trustee or beneficiary can be addressed with more specific solutions such as a change of position …
Equity And Trusts [2016], Hang Wu Tang
Equity And Trusts [2016], Hang Wu Tang
Research Collection Yong Pung How School Of Law
No abstract provided.
Equity And Trusts [2016], Hang Wu Tang
Equity And Trusts [2016], Hang Wu Tang
Research Collection Yong Pung How School Of Law
No abstract provided.
Misapplied Trust Funds And Mortgage Loans, Ruo Yu Tan
Misapplied Trust Funds And Mortgage Loans, Ruo Yu Tan
Research Collection Yong Pung How School Of Law
Where trust monies are used in breach of trust to pay for the deposit for a property, the courts have held that any mortgage loan which was used to fund the purchase does not count as the trustee's contribution to the purchase price for the purpose of determining the trustee's and the beneficiary's respective beneficial ownership in the property. This article considers two issues. First, if trust monies are used only after the trustee has paid for the deposit using his own money, are the loan monies obtained by the trustee under the mortgage still liable to be discounted as …
Equity And Trusts [2015], Hang Wu Tang
Equity And Trusts [2015], Hang Wu Tang
Research Collection Yong Pung How School Of Law
No abstract provided.
Equity And Trusts [2015], Hang Wu Tang
Equity And Trusts [2015], Hang Wu Tang
Research Collection Yong Pung How School Of Law
No abstract provided.
East Asian Trusts At The Crossroads, Ying Chieh Wu
East Asian Trusts At The Crossroads, Ying Chieh Wu
Research Collection Yong Pung How School Of Law
The purpose of this article is to scrutinize the legal structure of trusts in Japan, SouthKorea and Taiwan. The so-called infrastructure of the private law of these jurisdictions is rooted in theRoman-Germanic basis, which adopts dichotomous system in respect of that area of privatelaw dealing with property: the law of property and that of obligation. However,the adoption of the trust has caused some problems. Though controversial, thecontract-based view seems to be the majority view in the East Asian civiljurisdictions, yet the property-based view dominates the commonlaw world. However, being influenced by common law, the property-approach isalso asserted by some commentators …
Trusts In Commerce: Guy Neale V Nine Squares Pty Ltd [2014] Sgca 64, Man Yip
Trusts In Commerce: Guy Neale V Nine Squares Pty Ltd [2014] Sgca 64, Man Yip
Research Collection Yong Pung How School Of Law
In Guy Neale v Nine Squares Pty Ltd [2014] SGCA 64, the Court of Appealconsidered the operation of the express trust in the commercial context and theprinciples relating to the award of an institutional constructive trust for breachof fiduciary duty. The decision is interesting not only for the exposition of legalprinciples, but also because it relates to the posh restaurant-bar, “Ku De Ta”,located at Marina Bay Sands.
A Principled And Structured Approach For Ascertaining Beneficial Interests In Property Disputes: Chan Yuen Lan V See Fong Mun [2014] Sgca 36, Alvin W. L. See
A Principled And Structured Approach For Ascertaining Beneficial Interests In Property Disputes: Chan Yuen Lan V See Fong Mun [2014] Sgca 36, Alvin W. L. See
Research Collection Yong Pung How School Of Law
In Chan Yuen Lan v See Fong Mun [2014] SGCA 36, the Court of Appeal provided important clarifications about the relationship between a resulting trust and a common intention constructive trust for the purpose of ascertaining beneficial interests in cases of property dispute. This issue, which has attracted much speculations, was left open in Lau Siew Kim v Yeo Guan Chye Terence [2007] SGCA 54 where the same court merely confirmed the continued relevance of the twin presumptions of resulting trust and advancement.
An Impregnable Fortress? Possible Attacks On The Singapore Trust?, Hang Wu Tang
An Impregnable Fortress? Possible Attacks On The Singapore Trust?, Hang Wu Tang
Research Collection Yong Pung How School Of Law
In the past ten years, Singapore has emerged as one of the most important wealth management centres in Asia.1 This development can be attributed to a number of factors. First, favourable laws were enacted to encourage high net worth individuals to ‘park’ their money in Singapore. These include changes to laws governing trust companies, confidentiality, taxation rules with regard to foreign earned income, abolition of estate duty and amendments to the Trustees Act.2 Secondly, both the private and public sectors embarked on an aggressive marketing campaign to promote Singapore as a wealth management centre.3 Thirdly, Singapore has one of the …
Teaching Trust Law In The Twenty First Century, Hang Wu Tang
Teaching Trust Law In The Twenty First Century, Hang Wu Tang
Research Collection Yong Pung How School Of Law
I met Michael Bryan in 2004 at the Obligations II conference at the Melbourne Law School. It was my first time presenting a paper at an international conference and I was quite nervous. Michael, who was chairing my session, was extremely warm and supportive and put me quickly at ease. After the session, he generously gave me many insightful suggestions on how to improve my paper. Over the years, I have heard that this is just typical of Michael as a person; colleagues from Melbourne have often been effusive in their praise of Michael. Michael has certainly shown us the …
Rationalising Re Hastings-Bass: A Duty To Act On Proper Bases, Hang Wu Tang
Rationalising Re Hastings-Bass: A Duty To Act On Proper Bases, Hang Wu Tang
Research Collection Yong Pung How School Of Law
In recent times, the courts have increasingly invoked the power to undo the adverse consequences caused by a trustee's acts in certain circumstances. The basis for such an intervention is premised on the so-called rule in Re Hastings-Bass.1 This development has generated enormous interest in terms of case law and essays from the judiciary, legal academy and practising lawyers. Commentators are divided on whether Re Hastings-Bass has a sound jurisprudential foundation. The thesis of this paper is that Re Hastings-Bass is best understood as a doctrine based on a trustee's duty to act on proper bases and not one premised …