The use of private trust companies is becoming more common as a method of retaining family control through the generations. This, of course, all needs to be balanced against tax and reporting considerations, as well as practical ones. That said, however good the adviser, it is difficult to plan for family disputes; therefore, the main emphasis should be on maintaining flexibility so that the trustee can react to changes of circumstances and wealth passing through the generations.
While trusts have been established in Jersey for many years, their operation is now governed by a modern, comprehensive statute entitled the Trusts (Jersey) Law 1984. The Trusts Law provides that a trust exists and will be enforced by Jersey courts where a trustee holds or has vested in him or her assets for the benefit of a beneficiary, whether yet ascertained, in existence or for a specified purpose.