Trusts have been in existence and use for centuries. The concept has been recognised into statute in many countries across the globe. The concept is relatively simple at its core – a wealth owner (“Settlor”) entrusts the legal ownership of certain assets (“Trust Funds”) to a third party (“Trustee”) to hold for the benefit of the intended recipients (“Beneficiaries”).
There are many reasons why a wealth owner will want or need to devolve ownership of all or certain parts of his/her wealth into a trust. The flexible nature and well established legal framework around the use and operation of trusts make them an ideal solution for a range of objectives, including:-
- Wealth consolidation and transition planning
- Succession Planning
- Asset Protection
- Migration Planning
- Political Risk Management
- Confidentiality
- Emergency Contingency Planning
- Family Provision
- Tax Mitigation
There are many variations of the original concept, both in purpose and concept (such as discretionary or reserved power trusts, purpose and charitable trusts, private trust companies) as well as by jurisdiction (Australia, BVI, Canada, Caymans, Channel Islands, China, Hong Kong, Singapore, New Zealand, UK, USA, for example). Ensuring that the correct form of trust in the most appropriate jurisdiction to suit the needs of your objectives is ever more critical in an environment that has significantly greater compliance and regulatory rules now than even 5 years ago.
We’re unbiased in our solutions as we work with different premier service providers and seek the optimal providers for the best interest of our clients.
We look forward to finding the best solutions for your needs. Please contact us.