The law of trusts is undeniably difficult. Almost every topic is complicated by demanding intellectual problems, and academics and judges alike disagree about possible solutions. What this text aims to do is make the law of trusts possible, explaining from first principles what trusts is about and providing the student with an understanding not only of the law, but of the important academic controversies surrounding it. Lists of 'must read' cases, included at the end of each chapter, encourage the student to seek out meaning of trust law for him or herself by studying the judgments on which the body of rules has been built. This fourth edition has been fully updated to take account of the latest developments in the law.