Trustee Duties Under Isle Of Man Law

A trust is a gift of, for example, money or other assets by the settlor to a trustee or trustees that binds those trustees to deal with such money or assets for the benefit of beneficiaries. A trust is enforceable by the beneficiaries and not the settlor, who divests himself of ownership of the assets when he makes a gift to the trustees.

The trustees become the new legal owners of the assets on behalf of the beneficiaries, and are legally bound to follow the terms of the trust as set out in the trust deed.

Trustees' Acceptance of their Trusteeship

Trustees must have the full facts before accepting their trusteeship and must be aware of the potentially onerous responsibilities placed upon them by accepting this position.