Originally published on 2 September 1999
Liechtenstein Trust Law is a codified synthesis of Anglo-Saxon Trust Law and the ancient Germanic legal custom, namely "Salmannenrecht". Its intent is to provide a legal framework within which specific property (trust property) may be used for the benefit of persons other than the legal owner of such property, meaning that management and control over the property is clearly separated from the beneficial entitlement to such property.
The trust itself is not defined in Liechtenstein legislation, but rather only the trustee. The law stipulates that a trustee is one who owns and administers trust property for the benefit of one or more third persons (beneficiaries). The settlor settles trust property upon trusts stipulated in a written trust deed. The trust is a legal relationship and not a juridical person meaning that the concept of limited liability has no place in trust law.
