Russell Clark, Managing Partner of Carey Olsen's Guernsey office, and head of
the firm's trust and private wealth practice in the island,
updates on potential forthcoming revisions to Guernsey's trusts
laws.
Much of Guernsey's economic success over the past 50 years
or so has been largely due to its adaptability and flexibility to
react to changing market situations and conditions. This
adaptability is no better illustrated than by the island's
willingness to amend and review legislation to ensure that it
retains its position within the increasingly competitive market
place of international finance, and over recent years there have
been many examples of this.
Trusts have been established in Guernsey for more than 160
years, and the provision of trustee services has been a mainstay of
the local economy for the past 50 years or so, despite the fact
that trusts do not form part of Norman law from which Guernsey
customary law is, in part, derived. The trust is, in
