ARTICLE · 28 SEPTEMBER 2021

In Trusts We Trust

Albert Goodman

Explore more from Albert Goodman

Trusts have been a part of UK law long before the UK even came into existence – the popular story being that they rose to prominence during the crusades. Certainly, it was around that time that trust law as we know it today

United KingdomTax

Trusts have been a part of UK law long before the UK even came into existence - the popular story being that they rose to prominence during the crusades. Certainly, it was around that time that trust law as we know it today, took shape, but the concept was alive and well in Roman times - that concept being one person owning and possessing an asset, but doing so on behalf of someone else.

A modern trust takes the form of a legal owner (a 'trustee') and a beneficial owner (the 'beneficiary'). The legal owner assumes all the rights of any owner of any asset, but they also assume the responsibility of a custodian and of ensuring that the beneficiary is given full use/benefit of the asset. These custodial duties are fiduciary in nature and a breach of those is a serious matter.

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