The book deals with various issues that arise in connection with the transfer of trusteeships.

The launch party will take place on 31 May 2007, with a London reception sponsored by Investec Trust, to be hosted by Richard Pease, Chairman of STEP worldwide.

According to STEP, the book came about as a result of problems relating to the protection of retiring or removed trustees.

In December 1999, the Trust Law Committee in England issued a Consultation Paper on “The Proper Protection by Liens, Indemnities or otherwise of those who cease to be trustees”. STEP responded in 2000 to that consultation process, suggesting that the problems that often arise on the appointment of new trustees in respect of the negotiation of an indemnity for the outgoing trustees could be mitigated if there existed a protocol, with standard precedents.

The new Guide provides such a protocol, setting out what is regarded as an appropriate approach for professional advisers to adopt in relation to indemnities in normal cases.

Richard Williams, General Editor of the book, explained that:

"This book will help trustees and their advisers. It provides a clear explanation of the protection afforded by the trustees’ lien (in those jurisdictions where the lien is available), together with standard precedents that provide for “chains of indemnities” for use as a starting-point in more complex cases. This should also help the public because practitioners will be able to explain to them more clearly why reliance has been placed on the lien or alternatively why a more complex indemnity clause has been included."

The Guide consists of a core English law section, covering the following matters:

• Statutory and express powers of retirement, removal and appointment of trustees;
• The trustees' lien, including an explanation of the rights comprised within the lien and the position on change of trustees;
• Indemnities: a general summary of the practical issues, including the rationale for indemnities, powers to indemnify, the level of indemnity and enforcement issues;
• Inspection and transfer of trust documents: rights to trust documents and information, and the need to balance the duty to disclose against the need for relevant disclosure;
• Issues that arise where the transfer of the trusteeship takes place in contentious circumstances; and
• Trustee indemnity insurance.

This core English section is supplemented by chapters outlining how the position under local law differs from English law in The Bahamas, Bermuda, the British Virgin Islands, the Cayman Islands, Guernsey, Hong Kong, the Isle of Man, Jersey and Singapore.

Precedent deeds of appointment, retirement and removal of trustees are included, for English law trusts and for trusts established under the laws of each of the other jurisdictions. The precedents are accompanied by a detailed commentary on the drafting of such deeds, which explains in particular the indemnity provisions.