Article 17 – Requirements for creation
Trust is created if:
Settlor has the capacity to create a Trust;
Settlor indicates an intention to create the Trust;
(i) has a definite
(ii) is a purpose
Trust, as provided for in Article 22;
Trustee holds or has vested in it Property for the benefit of a Beneficiary or for a purpose;
Trustee has duties to perform; and
(F) the same
Person is not the sole Trustee and sole Beneficiary.
Beneficiary is definite if the Beneficiary can be ascertained now or in the future.
Trust may have at the same time a definite Beneficiary and a purpose.
|Amended (as from 24th December 2017).|