Training Objectives

By the end of the programme, participants will:

• Understand the Concept of Trusts
• Analyse Risks, Duties, Powers, Liabilities, and Responsibilities of each of the parties
• Apprehend the Key Components of Trust Administration
• Analyse the Position of Cyprus Law and Discussing Reforms
• Discuss Taxation Position and Beneficial Ownership Registers

Training Outline

Key Aspects of Trusts and Terminology

• Introduction to the terminology of trusts.
• Understanding legal and equitable estates and interests.
• Exploring express, statutory, resulting, and constructive trusts.
• Differentiating simple (bare) trusts and special trusts.
• Analysis of fixed and discretionary trusts.
• Overview of executed and executory trusts.
• Examining “donative” and “commercial” trusts.
• Identifying “illusory/sham” trusts.

Express Trusts

• Introduction and in-depth analysis of express trusts.
• Criteria for the validity of an express trust.
• Interpretation of executory trusts.
• Termination of trusts of property.

 Trusts Imposed by Law

• Understanding resulting trusts.
• Analysis of constructive trusts.

Administration of the Trust

• Acceptance of trusts by trustees.
• Estate of the trustee and trustee’s duties.
• Powers and responsibilities of the trustee.
• Powers of beneficiaries and protectors.
• Procedures for death, retirement, and removal of trustees.
• Appointment of trustees and the rights of trustees.
• Role and functions of the public trustee.

Breach of Trust

• Consequences of breach of trust.
• Liability of trustees and protective measures.
• Assessment of liability for third parties and beneficiaries.

Protectors

• Supervisory role of the Protectors.
• Overview of the powers of the Protectors.
• Overview of the duties of the Protectors.
• The appointment, resignation and removal of the Protectors.

Facing challenges of modern trusts

• Classes of Beneficiaries. Conflicts among Beneficiaries
• Settlor acting as Beneficiary. Concerns and Practical Examples
• Settlor acting as Protector. Challenges, Obligations and Responsibilities
• Settlor acting as trustee or co-trustee. Legality, challenges and issues
• Trustee acting as beneficiary of the trust. Issues and solutions
• Challenges arising from multiple roles in trusts and solutions.
• Practical approach to solving issues of trusts with complex transactions/multiple assets
• Common drafting errors and practical solutions
• Pitfalls for practitioners and how to avoid them

Trusts in Cyprus

• Overview of Cyprus case law and legal practices.
• Proposals for legal reforms (if any).
• Alternative arrangements to trusts.
• Tax implications associated with trusts in Cyprus.
• Exploration of ultimate beneficial ownership registers and their relationship with trusts.

Trusts and similar legal mechanisms in civil law countries

• Introduction
• Legal Mechanisms Similar to Trusts
• Key Differences from Common Law Trusts
• Tax implications associated with trusts in Cyprus.
• Challenges, Considerations, Examples and future global trends

Who Should Attend

This course is suitable for both beginners seeking a comprehensive introduction to trusts and experienced professionals looking to deepen their understanding and stay updated on legal developments and best practices. Moreover, the course on Trusts is tailored for a diverse audience of legal professionals, financial experts, trust administrators, and anyone involved in the management, administration, or legal aspects of trusts. It is ideal for:

• Legal Professionals
• Financial Advisors
• Trust Administrators
• Accountants and Tax Professionals
• Corporate Executives
• Compliance Officers
• Estate Planners
• Financial Analysts
• Government Officials
• Trustees and Protectors of trusts

Training Style

The The programme is meticulously crafted to impart advanced knowledge and profound insights into the intricacies of Trusts. It aims to elevate participants’ expertise through a dynamic course format featuring engaging PowerPoint presentations and real-world examples. The methodology seamlessly blends a focused approach, delivering content through presentations and real-life scenarios, with a learner-centric philosophy. Participants are actively encouraged to pose questions, seek clarifications, and contribute their unique perspectives. This creates an interactive forum for the exchange of ideas and personal professional experiences, fostering a dynamic learning environment.

CPD Recognition

This programme may be approved for up to 7 CPD units in Law. Eligibility criteria and CPD Units are verified directly by your association, regulator or other bodies which you hold membership.

The course has been approved and verified by the Cyprus Bar Association (CyBAR). The Summary of CyBAR’s Updated CPD Guidelines Based on the Operational Framework of the Cyprus Bar Association (CBA) Academy can be found here.

In-house Training

For groups within the same organisation, this course may be customized to meet any specific needs and delivered in-house.