Associate Theo Burrows has authored The Bahamas chapter of a new reference book published by STEP and Global Law and Business titled, “A Practical Guide to the Transfer of Trusteeships.” The text, first published by STEP in 2007 and now in its third edition, reviews the difficulties that arise upon the transfer of trusteeships, particularly in respect of the negotiation of indemnities, and sets out a suggested approach.
“It was a privilege to be asked by the publishers to contribute to this authoritative reference guide for trust and estate professionals,” said Mr. Burrows. “This publication contains useful precedents and detailed commentary which will benefit practitioners worldwide in understanding the legal and practical considerations involved in facilitating the process of transferring trusteeships across jurisdictions.”
According to STEP, the text is “an essential reference work” for legal practitioners, trust company professionals and others involved in advising on the transfer of trusteeships.
“There has been a long-standing need for this practical guide dealing with the complex problems that arise in respect of the apparently simple matter of new trustees taking over from old trustees,” wrote The Honourable Mr. Justice David Hayton, of the Caribbean Court of Justice regarding the inaugural edition of the publication. “It is crucial that the retirement or removal of old trustees and the appointment of new trustees are in order or the new trustees will be operating [outside of their legal authority] and the old trustees will continue as trustees even if unaware of this: a dreadful mess will need to be cleaned up.”
Theo Burrows practises in Higgs & Johnson’s Private Client & Wealth Management group, specialising in trusts, wills, estate planning, foundations, private trust companies, and issues in company law. He also advises trust companies on the development of new services and issues arising in trust administration. Recently, Theo oversaw all aspects, from a Bahamian law perspective, of a commercially-sensitive large-scale multi-jurisdictional project in which a local trust company purchased the book of trust business from one of its foreign affiliates and successfully transferred about 200 trust structures to The Bahamas. He is also experienced in international commercial contracts and advises clients on regulatory compliance.
The third edition provides detailed insight into the differences under local law for trusts governed by the laws of The Bahamas, Bermuda, the British Virgin Islands, the Cayman Islands, Guernsey, Hong Kong, the Isle of Man, Jersey, New Zealand and Singapore, and precedent deeds of change of trustee for each of those jurisdictions.
The Bahamas chapter of the first two editions of the text was developed by a team led by Higgs & Johnson private wealth consultant Heather L. Thompson.