Trust law in Bermuda is based on English law and consequently the procedures for the formation of trusts are comparatively simple. Once the settler and his advisors have decided on what assets are to be settled and on what terms (and the law in Bermuda is extremely flexible as to what terms are permitted), they need to identify the trust company or individuals who are to act for them. The potential trustee will then arrange for the appropriate trust deed to be drafted, using or liasing with the client's attorneys where requested. Establishing a trust can be accomplished in a relatively short period of time.
The majority of trusts established in Bermuda are discretionary in nature. Such trusts are extremely flexible instruments that generally give the trustee wide powers of investment, administration and appointment. The trust deed may provide for the appointment of a protector with certain defined powers (e.g. replacement of trustees). There are no registration requirements or any
