Trusts in the Isle of Man

Isle of Man trust law is closely modelled on and has developed in parallel to English Trust law. A trust is a legal relationship under which one or more persons (‘the trustees’) receive assets from another person (‘the settlor’) to hold for the use or benefit of specified persons (‘the beneficiaries’) on defined terms. The trust imposes strict obligations on the trustees to manage and deal with the assets in accordance with those terms. The effect of the trust is to give beneficiaries equitable rights that can be enforced in a court. The settlor will specify the trust terms, while he may be completely distanced from the assets in trust once it is established.

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