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Trusts & Trustees Advance Access originally published online on June 13, 2008
Trusts & Trustees 2008 14(6):377-379; doi:10.1093/tandt/ttn054
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© The Author (2008). Published by Oxford University Press. All rights reserved.

Trust Law in Guernsey—The Trusts (Guernsey) Law 2007

Chris Bound, Managing Partner, Collas Day Advocates*

*PO Box 140, Manor Place, St Peter Port, Guernsey, GY1 4EW. Tel: +44 (0)1481 723191; Fax: +44 (0)1481 711880.

The first 10% of the full text of this article appears below.


   Introduction
 
The following is a brief summary of the changes introduced by Guernsey's new trust law, the Trusts (Guernsey) Law 2007, (‘TGL 2007’) which came into force on 17 March 2008.

Trusts and Trustees are going to review these changes in greater detail in Issue 9, in November 2008. The intention behind the changes is to reinforce and maintain Guernsey's position as one of the leading offshore trust jurisdictions.

The new law replaces the previous law, the Trusts (Guernsey) Law 1989 (‘TGL1989’) and creates a framework which will enhance Guernsey's competitive position as an attractive jurisdiction in which to do business. Below is a summary of the main changes.


   Non-charitable purpose trusts
 
TGL 2007 enables the establishment of non-charitable purpose trusts. These are primarily used in commercial and project . . . [Full Text of this Article]


   The enforcer
 

   Settlor and third party reserved powers
 

   Creation of perpetual trusts
 

   Creation of statutory liens
 

   Statutory guarantee
 

   Information given to beneficiaries
 

   Letters of wishes
 

   Exclusion of foreign law clause
 

   Limitation period for action for breach of trust
 

   Trust of Guernsey Land
 

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