Author: Topildiev, Bakhromjon Rakhimjonovich; Juhnevičius, Edvardas

Annotation: Trusts have long served an important role in Common Law legal systems as a mechanism to hold and manage assets on behalf of beneficiaries. The terms and operation of a trust are outlined in a trust deed created by the settlor. However, trusts have also proven at times to be rigid and inflexible when circumstances change in unforeseen ways not addressed in the original deed. This has led to efforts to reform trust law and administration to build in greater flexibility [1]. One method is through the inclusion of a trust management contract alongside the trust deed to provide guidance to trustees on executing their duties in a way the settlor would have wanted. This article examines the use of trust management contracts under Common Law and their implications for trust governance and operation compared to relying solely on a trust deed.

Keywords: Trust Management Contract, Common Law System, Fiduciary Duty, Trustee, Settlor, Beneficiary, Trust Property, Trustee's Powers and Duties, Implied Terms, Good Faith

Pages in journal: 101 - 108