Withers Worldwide

Key elements

Fiduciary roles in trust structures are varied, as there are different types of trusts. In complex structures, fiduciary duties may be split between different fiduciaries - often trustees, protectors, directors and management committees.

Whatever the nature of the fiduciary and his or its powers, fiduciaries must always ensure that they are acting within their powers, in accordance with the obligations imposed on them by the relevant law or obligations and that they have secured consents where needed. Trust (but not corporate) fiduciaries are in the uniquely helpful position that if they are unable to secure the consent of all their beneficiaries to what they propose, they can protect themselves by applying to the Court for guidance if in doubt.

Universally applicable to fiduciaries is the risk that, if a problematic situation is not handled properly, the fiduciary may be personally exposed to claims for losses and legal fees.

When looking at any risk analysis it is necessary to consider both the big picture and the detail. Consideration must be given both to the wood and to the trees.

We help manage risk for a wide cross-section of trustee clients. We boast Europe's largest team of lawyers dealing with a range of trust disputes and provide fiduciary risk management advice to trustee clients holding assets in over 80 countries. We also have unrivalled experience of the major offshore jurisdictions and keep political, legislative and judicial developments there under constant review.