Trusts : a comparison between local and foreign types of trusts

Abstract

Today, one may find different types of trusts, with several different purposes, all of which may be quite confusing for those who are not familiar with the subject. As confusing as trusts appear to be, there is a relative simplicity that runs through all of them, which in turn, gives order and meaning to the various types of trust that exist. A trust agreement can be briefly defined as a legal relationship created by a person (known as the settlor), who decides to place property under the control of another person (known as the trustee). The trustee has the obligation to deal with such assets for the benefit of a person (known as the beneficiary) or for a particular purpose (Dr Scerri Worley, 2009). This dissertation outlines the core aspects of trusts, focusing on the types of trusts offered in different jurisdictions like Malta, Jersey, Guernsey and Isle of Man. The purpose of this research is to make reference to the different types of trust that exist today, with the aim of contrasting the opinion of different 'players' in the market through the use of a questionnaire. By using such questionnaire, the main differences and similarities between jurisdictions could be emphasized.