As we are aware, a trust is created when a settlor transfers assets to a trustee to hold for the benefit of one or more beneficiaries. The term ‘trust’ simply describes the fiduciary arrangement or relationship between those parties. It is not a legal entity, and does not have juristic personality. It is therefore incapable of holding assets, entering contracts or undertaking any other legal formalities in its own name. Indeed, as Adderly J commented in Tenesheles Trust & ors v BDO Mann Judd (Supreme Court of the Bahamas, 16 November 2009), ‘it is trite law that a trust lacks legal capacity…a trust is an arrangement, not an entity’.