Under Bermuda
law (section 2 (1) of the Trust (Special Provisions)
Act 1989), a trust is defined as the legal relationship
created, either inter vivos (during life) or after
death, by a person, the settlor, when assets have been
placed under the control of a trustee for the benefit
of a beneficiary or for a specified purpose.
Section 2 (2) of the same legislation identifies the
characteristics of a trust:
- The assets constitute a separate
fund and are not a part of the trustee's own estate;
- Title to the trust stands in the name of the
trustee, or in the name of another person on behalf
of the trustee;
- The trustee has the power and duty, for which
he is accountable, to manage, employ or dispose of
the assets in accordance with the terms
of the trust and the special duties imposed upon
him by law.
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