The trust concept is of Anglo-Saxon origin and has been firmly established in English Law since medieval times. It is based on a distinction between the legal ownership and the beneficial enjoyment of assets.
A trust is essentially a legal obligation which is imposed on a person to hold or deal with specified assets for the benefit of others. It is usually evidenced in writing.
Trusts are recognised in many countries throughout the world, particularly those that have historical links with the English legal system, and are increasingly used as convenient and flexible vehicles in asset planning and protection arrangements.