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A Matter of Trust

Issue 9: February 2026

A Matter of Trust

Editor's note

Peter Steen

Welcome to the first Matter of Trust newsletter of 2026, bringing you the latest updates and insights from the Mishcon Private department on issues relevant to fiduciaries and private wealth clients.

In this edition, we:

  • examine Jersey's recent amendment to Article 43 of the Trusts (Jersey) Law 1984, which addresses the interaction between Red Cross trusts and the Saunders v Vautier principle following the Rusnano decision;
  • explore the growing use of arbitration in trust disputes and the impact of the Arbitration Act 2025;
  • share research revealing that nearly a third of women who divorce in midlife are happier than ever;
  • discuss the increasing use of the Court of Protection to resolve inheritance disputes as Baby Boomer wealth transfers accelerate;
  • and provide guidance on Part III applications following the AT v NT decision

We also highlight the latest Tax Aware issue covering employee ownership trusts and relief reforms.

As always, we hope you find this edition informative. If you would like to discuss any of the topics further, please do not hesitate to contact a member of our Private Wealth Disputes or Private Wealth and Tax team.

News
abstract glass structure

Saunders v Vautier, Rusnano and the recent amendment to Article 43 of the Trusts (Jersey) Law 1984: crisis averted?

Peter Steen and Emily Bueno discuss Jersey's recent amendment to Article 43 of the Trusts (Jersey) Law 1984, which prevents Red Cross trusts from being collapsed under the principle in Saunders v Vautier where there is a power to add beneficiaries. Following the 2019 Guernsey Court of Appeal decision in Rusnano, Jersey has legislated to ensure that default charitable beneficiaries cannot prematurely collapse trusts intended for confidential family beneficiaries, bringing welcome certainty to Jersey trust law.

5 mins
News
abstract building

The growing use of arbitration in trust disputes: Peter Steen and Bethan Byrne for the STEP Journal

Peter Steen and Bethan Byrne examine the increasing use of arbitration in trust disputes and discuss potential legislative reforms in England and Wales in an article for the STEP Journal. They highlight the shift away from the view that trust matters could not be arbitrated, and consider whether arbitration's supposed advantages are being delivered in practice. While the Arbitration Act 2025 brings useful reforms, it leaves key questions about the arbitrability of trust matters unresolved, with future case law potentially providing guidance.

1 min
News
Sandra Davis

Sandra Davis contributes to The Times with Beyond the Break: the truth about divorce for midlife women

Mishcon de Reya, together with Julius Baer and NOON, commissioned research in September 2025 revealing that nearly a third of women who divorce in midlife are happier than ever, often experiencing relief and personal growth. Sandra Davis provided expert insight, commenting that "if a marriage is no longer serving them, is abusive or just not where they want to be for their next forty or fifty years, midlife women are voting with their feet."

1 min
News
Abstract door at Mishcon de Reya office

Resolving contested estates in the Court of Protection: Emily Bueno for the Solicitors Journal

Emily Bueno has written for the Solicitors Journal on the increasing use of the Court of Protection to resolve inheritance disputes during lifetime. As Baby Boomer wealth transfers accelerate, more disputes involving individuals who have lost capacity are being resolved in the Court of Protection rather than waiting until after death. Emily highlights key advantages including a lower evidential burden and the general rule that legal costs are paid from the estate, making it a less risky alternative to traditional post-death litigation.

1 min
Post
Tax Aware - Mishcon de Reya

Latest edition of Tax Aware

Issue number 23 of Tax Aware includes discussion on significant changes to employee ownership trusts which will no longer provide sellers with full capital gains tax exemption, updates on business property relief and agricultural property relief reforms, and the practical implications of inheritance tax changes on pensions from April 2027. The Issue also examines the significant expansion of the Enterprise Management Incentive scheme, alongside consideration of surplus income relief for tax efficient trust planning and family investment companies as alternative succession vehicles.

1 min
News
Two people in business attire sitting at a desk, with one person pointing at a document while the other writes on it.

AT v NT [2025] EWFC – Should applications under Part III always be made on notice?

Antonia Felix, Krishma Sangani and Natasha Methven were recently involved in AT v NT [2025] EWFC 456, a Part III decision by Peel J. The case involved a wife who had not received her entitlement to trust assets or property proceeds following a financial agreement, and faced eviction after trust assets were allegedly misappropriated by a trustee imprisoned for fraud. The judgment provides guidance on applications for permission to bring Part III applications and clarifies that an application for an injunction under section 23 can only be made if and when leave is granted.

4 mins

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