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Article: Purpose Trusts In Guernsey.
- Article from:
- Mondaq Business Briefing
- Article date:
- May 8, 2008
CopyrightCOPYRIGHT 2008 Mondaq Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The concept
Traditionally trusts were established to provide either for beneficiaries or to further a charitable purpose. A Purpose Trust is a type of trust which has no beneficiaries but instead exists for advancing a non- charitable purpose of some kind.
Trusts for charitable purposes are also technically Purpose Trusts, but they are usually referred to simply as Charitable Trusts. People referring to Purpose Trusts normally are usually taken to be referring to Non-Charitable Purpose Trusts.
In most jurisdictions, they are usually unenforceable (there are limited exceptions) but Guernsey has enacted legislation specifically to promote ...