Concept of Trust

Did you know that the courts in Ghana recognize the concept of trust? Well, lets take a look at Mr. A’s story. Mr. A, a wealthy man, wanted to protect his estate for his family’s financial future. He learned about the concept of trust, where he could place his assets under the control of a trustee for the benefit of his family members, who are called beneficiaries. Mr. A sought legal advice to ensure the trust would be properly constituted. The lawyer advised that all necessary elements; that is, three certainties: certainty of intention, certainty of subject matter, and certainty of object; must be present to create a valid trust. Mr. A clearly stated that his friend, Mr. B, should be the trustee, he also described the property which was to be transferred to his children and grandchildren as beneficiaries, thus the trust was vested in the trustee (Mr. B) for the benefit of the beneficiaries.
From that day forward, Mr. A was at peace knowing that his family’s financial future was secure. The concept of trust gave him the peace of mind he needed, and he was grateful for the legal system that recognized and applied this principle to protect his assets and his family’s interests.
Learning from Mr. A’s story, it is important to make sure that all three elements are present in order to create a valid trust