PURPOSE

A purpose trust is one that has been established for a specific purpose, such as to further a public or charitable cause, but the trust deed of which, unlike for instance a Fixed Interest or Discretionary Trust, does not identify any particular beneficiary. Thus, such trusts may be created to aid research into cancer, but not identify which research or other institutions that are involved in such work, should receive financial support. The establishment of a purpose trust may have benevolent intentions but it is not uncommon for such trusts to be used in a commercial, tax or estate planning exercise.

Crossman Trust Company Limited PO Box 1, Portland House, Station Road, Ballasalla, Isle of Man, IM99 6AB, British Islands. Telephone: +44 (0)1624 825805 or 822816, Fax: +44 (0)1624 824570, E-Mail: mail@crossmantrust.com