will be run for the benefit of the beneficiaries named by Elinor in this case, her descendants. In case,” Adam added, “at some future point, there should be no descendants, a final beneficiary should be named, although that might not be relevant for a couple of hundred years.” Elinor liked the idea of her trust continuing for hundreds of years, producing yearly dividends.
“But if Elinor isn’t a beneficiary, will she have any future control over the trust possession sT Clare asked.
“What about Buzz? She isn’t a descendant of Elinor O’Dare,” Annabel said.
Adam ignored that for the moment and said, “The trust will always consider Elinor’s wishes in every respect. She can put all her requests in writing to the trust.”
“And must the trustees obey her?” Miranda asked.
“The trustees use their own judgement, as do a board of directors, and should always act in the best interest of the beneficiaries.”
“Sounds a bit complicated a bit unusual ain’ tiff Buzz said suspiciously.
“A trust situation is not unusual among the wealthy,” Adam explained.
“To avoid death duties and bad money management, Lord X makes over his fortune to his children, on the understanding that they will provide for him until he dies.”
“What if the kids don’t see it that way?” Buzz asked.
“What if the kids change their minds, after Lord X has signed over all his worldly wealth?” “If the children aren’t trustworthy, then of
course you wouldn’t consider such a trust.” Adam’s voice was carefully civil.
Buzz said, “If Elinor gives everything she owns to this here trust, then what does she live on?” “The trust can provide Elinor with a salary for the work she does, which will provide ample money, after tax, for her to live on.” Miranda concealed her exasperation. Couldn’t Buzz see that the reason for a trust was that Elinor was almost certainly dying? “And who will these all-powerful trustees beT Clare asked.
“Elinor’s lawyers have been asked to provide trustees,” Adam said.
“Elinor knows that STG are capable and reliable, and she doesn’t want to deal with people she doesn’t know. So I propose to ask our Bermuda office to set it up. Offshore trusts are not liable to alteration by changing laws.”
“You mentioned a protector. Who will that beT Miranda inquired.
“Probably Paul Littlejohn, who now works in our Bermuda office” He is familiar with Elinor’s affairs.” Buzz frowned, looked at Elinor’s white face, bit her lip, started to speak, then clearly thought better of it and stayed silent.
Relieved that the meeting seemed to be finished, Elinor asked in a shaky voice, “So it’s settled then?” Clare said uncertainly, “Can we talk a little more? Because I don’t like this idea. If Gran wants to leave us some money, why can’t she just do that? Why complicate the situation?” “Adam knows best,” Elinor told her firmly..
“Don’t be difficult, Clare.”
“I think I’m old enough to be in charge of my own financial affairs,” Clare protested.
OWL, “there’s no proof of that,” Miranda said sharply.
“You’veer had any business experience.”
“I’m confident that I can manage my own.” Clare was indignant now.
“I’m a married woman with a child. Surely that’s proof of my responsibility. Why do I need to be nannied by lawyer sT Elinor said faintly, “Adam has gone to a great deal of trouble to organize this, and Adam knows what’s best for us, darling.”
“Why does Adam know what’s best for me?” Clare asked in an exasperated tone.
“Because Adam’s a professional man,” Elinor whispered.
“He’s a qualified lawyer with years of legal experience. That’s why.; “Gran, all my life you’ve told me that some man in a ar suit knows best,” Clare said.
“It started when we were little girls, with Daddy Billy. “Daddy knows best” was what you always said. But we all knew even then that he didn’t. I don’t
“But if Elinor isn’t a beneficiary, will she have any future control over the trust possession sT Clare asked.
“What about Buzz? She isn’t a descendant of Elinor O’Dare,” Annabel said.
Adam ignored that for the moment and said, “The trust will always consider Elinor’s wishes in every respect. She can put all her requests in writing to the trust.”
“And must the trustees obey her?” Miranda asked.
“The trustees use their own judgement, as do a board of directors, and should always act in the best interest of the beneficiaries.”
“Sounds a bit complicated a bit unusual ain’ tiff Buzz said suspiciously.
“A trust situation is not unusual among the wealthy,” Adam explained.
“To avoid death duties and bad money management, Lord X makes over his fortune to his children, on the understanding that they will provide for him until he dies.”
“What if the kids don’t see it that way?” Buzz asked.
“What if the kids change their minds, after Lord X has signed over all his worldly wealth?” “If the children aren’t trustworthy, then of
course you wouldn’t consider such a trust.” Adam’s voice was carefully civil.
Buzz said, “If Elinor gives everything she owns to this here trust, then what does she live on?” “The trust can provide Elinor with a salary for the work she does, which will provide ample money, after tax, for her to live on.” Miranda concealed her exasperation. Couldn’t Buzz see that the reason for a trust was that Elinor was almost certainly dying? “And who will these all-powerful trustees beT Clare asked.
“Elinor’s lawyers have been asked to provide trustees,” Adam said.
“Elinor knows that STG are capable and reliable, and she doesn’t want to deal with people she doesn’t know. So I propose to ask our Bermuda office to set it up. Offshore trusts are not liable to alteration by changing laws.”
“You mentioned a protector. Who will that beT Miranda inquired.
“Probably Paul Littlejohn, who now works in our Bermuda office” He is familiar with Elinor’s affairs.” Buzz frowned, looked at Elinor’s white face, bit her lip, started to speak, then clearly thought better of it and stayed silent.
Relieved that the meeting seemed to be finished, Elinor asked in a shaky voice, “So it’s settled then?” Clare said uncertainly, “Can we talk a little more? Because I don’t like this idea. If Gran wants to leave us some money, why can’t she just do that? Why complicate the situation?” “Adam knows best,” Elinor told her firmly..
“Don’t be difficult, Clare.”
“I think I’m old enough to be in charge of my own financial affairs,” Clare protested.
OWL, “there’s no proof of that,” Miranda said sharply.
“You’veer had any business experience.”
“I’m confident that I can manage my own.” Clare was indignant now.
“I’m a married woman with a child. Surely that’s proof of my responsibility. Why do I need to be nannied by lawyer sT Elinor said faintly, “Adam has gone to a great deal of trouble to organize this, and Adam knows what’s best for us, darling.”
“Why does Adam know what’s best for me?” Clare asked in an exasperated tone.
“Because Adam’s a professional man,” Elinor whispered.
“He’s a qualified lawyer with years of legal experience. That’s why.; “Gran, all my life you’ve told me that some man in a ar suit knows best,” Clare said.
“It started when we were little girls, with Daddy Billy. “Daddy knows best” was what you always said. But we all knew even then that he didn’t. I don’t
Similar Books
