Trusts have been established and developed under English law for hundreds of years. The trust concept has since been followed and adopted within the laws of many common law jurisdictions, as well as some civil law jurisdictions.

In broad terms, a trust imposes obligations and responsibilities on a person (known as the 'trustee'), who holds assets for the benefit of third parties (known as 'beneficiaries').The trustee is under a duty to act at all times in the best interests of the beneficiaries.

The trustee administers the trust assets and is responsible for dealing with third parties. The various rights, obligations and powers are set out in a formal trust deed. This is a private document and is not subject to public disclosure.

It is for the person establishing the trust (known as the 'settlor') to decide what interest the beneficiaries should have under the trust deed. The trust deed can therefore be as simple or complex as the settlor requires or the circumstances demand.

In essence, trustees manage and control assets for the benefit of others – be it the creator of the trust (the settlor), his or her family, a charity or any other specified party.