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New trust requirements and documents

The Office of the Chief Master issued a new version of the form J417 to be completed and submitted with all new trust registrations.  The new form asks the questions of all trustees (reported about two weeks ago) about whether the trust is a “family business trust”.  This aims to identify the trusts in which, in the Office of the Chief Master’s view, an independent trustee should be appointed.  In such cases the “independent” trustee must also lodge an affidavit with the Master together with the new J417.



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