How do you establish a valid trust?
In order to establish a valid trust, it is important to understand what a trust is in the first instance. A trust is established when one party (the “Settlor”) divests themselves of the legal ownership of certain property and transfers the property to another party (the “Trustee”). Equity then obliges and binds the Trustee to hold the property (the “Trust Fund”) and act for and within the best interests of the beneficiaries. The Trust Fund shall always be held separately from the Trustee’s own personal assets and estate.
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Coronavirus update - January 2021
The Isle of Man has gone into a ‘circuit breaker’ lockdown for 21 days from 00:01 Thursday 7th January.