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The Trusts (Jersey) Law 1984 has consolidated the legal understanding of the trust within the island.The essential benefit of a trust is that the settlor ceases to become the legal owner of the assets passed into the trust although he may still exercise influence over the use of the assets. Consequently tax liabilities that may arise in certain countries as a result of owning assets may be reduced or avoided, as the assets held by the trust will fall outside the bounds of taxation in these countries.
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