What is a Jersey trust?

The trustee holds title to the assets, follows the deed, keeps records and accounts, holds meetings when decisions are needed, and refreshes identity checks. A trust must have at least one trustee. Where the work is done in Jersey, a local partner takes a defined role.

The settlor is the person who funds the trust. Beneficiaries are the people it is meant to benefit, either named individually or grouped as a class, for example the settlor's grandchildren. A purpose trust differs: it has no named beneficiaries and is held to achieve its stated purpose.

No, the two work differently. A company is a legal person with shareholders and directors. In a trust, the trustee holds the assets on behalf of the beneficiaries under the deed. Trusts frequently hold companies, and a family can set up a private trust company to serve as trustee.

This is a note from the settlor describing how they hope the trustee will use its discretion. It does not bind the trustee, which leaves room to respond as things change. Update it whenever you wish; each version is kept with the trust records.

A Jersey trust can hold cash, listed investments, shares in a family company and property, among other assets. The trustee asks where each asset came from and how it is held. Assets in other countries bring those countries' rules, so tell us early which assets are involved.

A Jersey law firm prepares the deed and you go through the draft with your own lawyer. We add our view on how the trustee will use the powers described, so that the document reflects day-to-day practice. Sign when you are happy with every clause.

Yes, holding shares in a family company is common. To confirm ownership and control, the trustee asks for the incorporation papers and share register. Shares in a trading business raise other questions than a listed portfolio does, so tell us early which assets are involved.

Sometimes. Moving a trust usually means a deed of retirement and appointment under the trust's own governing law. Another route keeps the current trustee in place, and we coordinate the papers and reporting with it. Your lawyer confirms how each route applies to your deed. Share the deed and we will suggest one.

Often yes. A settlor can keep certain powers, such as directing investments, and the law says that doing so does not affect the validity of the trust. How far it works depends on the wording of the deed. The other route is to appoint a professional manager.

Under a discretionary trust, the trustee decides who receives money, how much and when, using your letter of wishes as guidance. Minutes record each decision. If a beneficiary makes a request, it is judged against the deed and the facts at that moment.

That turns on the powers set out in the deed when the trust began. Many deeds let the trustee or a protector add or remove beneficiaries. Where no such power exists, a change may need a court or the agreement of the people affected. Your lawyer checks the deed.

The trust does not stop at the settlor's death. It carries on under the deed with the trustee administering it for the beneficiaries. For assets held abroad the local law applies, so advisers in each country should confirm the position before you depend on the structure.

The trustee collects tax residence forms and reports where the rules require it. Jersey applies the Common Reporting Standard. Whether a given trust reports depends on its structure, and we confirm that in writing. With your consent, we pass the report to your tax adviser.

No. Nobody should treat a trust as a hiding place or as a way past every rule. Banks, tax authorities and the trustee all need to know who is behind it. Your own tax depends on where you live, and your adviser can walk you through it.

Where work is carried out in Jersey, a local partner takes a defined role in the structure and screens you on its own account. Your engagement letter says which role it holds and what it does for your trust, so you know who is responsible for what.

Tell us what structure you have in mind, the kind of assets and which countries are involved. We send back a non-binding estimate and confirm it after we have seen the documents and assets. The set-up fee for a standard trust or foundation is on the costs page.