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The concept of “a trust” as opposed to the fairly simple concept of “trust” dates back for well over a thousand years. It is solidly entrenched in all civilized legal systems and I suspect solidly entrenched in uncivilized systems as well.

The essence is simple – a person or an organization holds property, including money of course, in their own name but it doesn’t belong to them; they are simply a trustee for some other person or organization, namely the “beneficiary”.

The duty of a trustee is of the highest level. Breach of trust in many aspects of our society, both in a legal sense as well as in our everyday lives, is regarded by the law and by society as a whole as a top ranking civil or criminal offence.

Because a trust is “different” it’s treated differently within our taxation system. Trusts are not taxed simply because the capital and income don’t belong to the trustee.

What a field day is available for crooks!