ABSTRACT

A trust is a relationship which arises where one person (the trustee) is compelled in equity to hold assets for the benefit of another (the beneficiary) or for a purpose permitted by law.

KEY ELEMENTS OF THE TRUST ASSETS Trusts are inextricably linked to assets. As Lord Browne-Wilkinson emphasised in Westdeutsche Landesbank Girozentrale v Islington LBC [1996], ‘in order to establish a trust, there must be identifiable trust property’. Anything that is capable of being owned may constitute the assets.