Trusts law heralds new fiduciary era

Guernsey's new trusts law, which came into force on 17 March 2008, heralds a new era in fiduciary business on the island, write John Lewis and Marcel Cariou of Mourant du Feu & Jeune. The new law will increase drafting flexibility to both the settlor's and trustees' advantage, and will also offer some new innovations. The new law has removed the maximum trust period restriction of 100 years. Therefore, trusts created under the old law, if the trust instrument allows, may also be appointed to a new trust of unlimited duration. A perpetual Guernsey trust can thus play an important role in...