Understanding the options available for creating trusts

A trust can be understood as a form of slow-motion gift or legacy where property (the trust property) 'hangs' between a donor (the settlor) and a donee (the beneficiary) by being legally owned by a third party (the trustee). The trust property is no longer the settlor's, nor is it yet the beneficiary's; it is held in trust by the trustee for the present or future benefit of the beneficiary. The Hague Convention on Trusts defines a trust as follows: "The term 'trust' refers to the legal relationships created - inter vivos or on death - by a person, the settlor, when assets have been p...