Trusts In Jersey - General

There is no one comprehensive definition of a trust. In broad terms, a trust may be defined as an equitable relationship created when an individual (the settlor) gifts his property to another person (the trustee), directing him to account for the benefit of that property either to persons (the beneficiaries) designated by the settlor, or for some object permitted by law, such as relief against poverty, which qualifies as a charitable trust. The above highlights three important areas: firstly, the legal rules which bind trustees are equitable in nature; secondly, the trustees do not personally own the property they hold for beneficiaries, they simply own the legal interests with the beneficiaries having the beneficial interest in the property subject to the terms of the trust deed; and thirdly, the equitable obligation binding the trustees may be enforced in the courts, primarily by the beneficiaries themselves.