The stripping of the trust: A study in legal evolution

Adam S. Hofri-Wiilogradow*

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

11 Scopus citations

Abstract

The law of trusts has spent the last twenty years rapidly shedding many traditwnal requirements, forms, and rest rution,s which imposed liability on negligent trustees, protected vulnerable beneficiaries, and preven ted the use of trusts to avoid the claims o[settiorc' and beneficiaries' creditors, inclwhng their spouses, their children, and their govern mentc. 'I'his article studies seven as/ects of this stripping 0/the trust, examines its consequences from both a distributive justice and a corrective justice point of view, and inquires whether the resulting stripped-down model coheres with the traditional Junctionality of donative private trusts. I found that most of the cui rent reforms have welfare-reducing distributive consequences, in some cases inflicting externalities on all except the parties to a given trust, in others transfemng value from seniors and beneficiaries to the trust service providers serving them. Most of the reforms discussed also create pot ential fOr infringements of corrective justice which either did not exist, or was less significant, pre-reform. I conclude that all hut one of the seven reforms I examine should be reversed.

Original languageAmerican English
Pages (from-to)1-47
Number of pages47
JournalUniversity of Toronto Law Journal
Volume65
Issue number1
DOIs
StatePublished - 1 Dec 2015

Bibliographical note

Publisher Copyright:
© UNIVERSITY OF TORORNTO PRESS.

Keywords

  • Equity
  • Exempt ion dat ises
  • Jurisdiclinnal competition
  • Offshore
  • Tax avoidance
  • Tax evasion
  • Trust

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