Our Clients includes both entrepreneurs and families, caring for their future generations through our Trust Services. We can help creating a perfect Trust Fund tailored to the single requirements. We have expertise in establishing, managing and developing structures to manage and safely hold a wide range of assets, including family owned businesses, real estate, movable assets and many other. International tax laws and regulations are constantly evolving and our advisers ensure that our clients’ arrangements keep pace with the changing environment. As a totally independent Advisory Company, we have no problems working with our clients’ advisers. In particular our Trust service includes the following programme:
There is Trust when one or more people (the Trustee/s) holds assets (the Trust fund) for the benefit of others (the beneficiaries). The Trustee has particular duties to act in the best interest of the beneficiaries. This includes ensuring that the assets are looked after carefully, taking proper advice and avoiding speculation. The Trustee is also expected to understand the particular needs of the individual beneficiaries, to decide what is in their best interests.
Traditionally, Trusts were created to enable land owners to control the devolution of their land to their widows and children other than through their wills or the application of succession law. This was particularly useful in times when, for example, women were not permitted to own land.
Modern day planners have found many other, often innovative, uses for Trusts. Pension funds, employee benefit schemes and mutual funds are examples of the more commercial uses of Trusts. Charities may also be set up as Trusts.
Trusts are generally governed by a Trust Deed which specifies how the Trustee must act. Courts will enforce the terms of the Trust in favour of the beneficiaries. Often, the Trustees are permitted a certain amount of discretion over who can benefit and when. This adds a degree of flexibility, allowing the Trust administrators to adapt to changes in family circumstances, yet it can lead to uncertainty. This is often resolved by a ‘letter of wishes’, a brief document in which the settlor can describe how the Trustees would exercise their powers.
International Trusts are often located in remote jurisdictions and managed by professional Trust companies, so many modern Trusts include provisions for protectors. A protector is an individual who is not the Trustee but who can control some of the Trustee’s powers. They may need to be consulted on investment matters, or be able to replace the Trustees.
A protector can be physically and spiritually closer to your family than a remote professional firm may be, reassuring you that your affairs are being watched over by a familiar person. In practice most professional Trustees seek to build Trusting, open relationships with their clients.