Private purpose trusts—a statutory scheme for validation

Abstract

The article seeks to advocate a change in English law by the introduction of a statute validating private purpose trusts along the lines of the legislation already in force in several offshore jurisdictions. It considers the various elements of any such new statute with particular reference to the definition of a private purpose trust, the mechanism of an enforcer, the subject of perpetuities, the definition of purpose, the type of trust instrument, the nature of determining events, the definition of default beneficiaries and trustees, and the problem of disclosure.