trust, characteristic of For the purposes of the Hague Convention (1984): (a) [The] assets constitute a separate fund and are not part of the trustees own estate; (b) title to the trust assets stands in the name of he trustee or in the name of another person on behalf of the trustee; (c) the trustee has the power and the duty, in respect of which he is accountable, to manage, employ or dispose of the assets in accordance with the terms of the trust and the special duties imposed upon him by law. The reservation by the settlor of certain rights and powers, and the fact that the trustee may himself have rights as a beneficiary, are not necessarily inconsistent with the existence of a trust. (The Convention applies only to trusts created voluntarily and evidenced in writing.) |