HISTORY OF TRUST
Trust service is a wealth management service invented in western country centuries ago. The service has been adopted extensively by the rich and the famous. For example, Family trusts of Rockefeller and McDonald, Charity trusts of Bill Gates, Warren Buffet of USA and Li Ka Shing of Hong Kong as well as the world renown Nobel Prize, etc.
Hong Kong Trust Law was established in 1903, more than a century from now. It is largely based on the British Trust Act of 19th Century. The Trust Law (Amendment) Bill 2013 was passed on 17th July 2013 and came into effect on 1st December 2013. This is the first major amendment to Hong Kong’s Trustee Ordinance since its enactment in 1934, and the Perpetuities and Accumulations Ordinance enactment in 1970. Trust in different countries has expiry (e.g. 70 years, etc) but such expiry has been abolished in the trust law amendment of Hong Kong, which demonstrates Hong Kong’s determination to be a leading trust service region in the world by offering perpetual trust service to customers who will be benefited from it.