Every trust has the following basic characteristics:-

a) the assets are kept in a separate fund from the Trustee's own assets and from the assets of other trusts;

b) legal title to the assets stands in the name of the Trustee (or a nominee or Custodian Trustee on the Trustee's behalf);

c) the Trustee has the power, and the legal duty, to manage and dispose of the assets as required by the trust deed and by law. His principal duties are to guard the interests of the beneficiaries.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought for your specific circumstances.