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Trust and Trustee Service

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Trust and Trustee Service

Trusts are an ideal way for families to preserve and manage their wealth which they intend to hand down to their heirs. They are a way to provide a means of protecting assets as well as making sure they are used in the way intended.

Trusts also provide flexibility and make this the solution to go with when it comes to estate and succession planning.

For people who are planning to change their residence or citizenship, they provide great advantages like not avoiding taxes but rather to create a set up where an estate can be disposed of without any recourse or probate procedures. 

The Use of Trusts

Trusts are ideal for individuals or as part of overall strategies because having one properly drawn up and managed can offer advantages in the following areas:

  • Estate Planning
  • Tax Planning
  • Confidentiality
  • Asset Protection
  • Avoiding Forced Heirship
  • Protecting the weak
  • Preserving family assets
  • Continuing family businesses
  • Increased flexibility

Types of Trusts

When it comes to creating a trust, it’s important to keep in mind their flexibility as well as they can take on many legal forms and have multiple applications.

These are the three most common trusts:

  • Bare Trust: also referred to as a simple trust where a trustee holds legal title to assets on behalf of the beneficiary who has an immediate and absolute right to the assets.
  • Discretionary Trust: under this kind of trust, a trustee may pay or apply income and/or capital of the trust to be used for the specified beneficiary in a manner they decide.
  • Fixed Interest Trust: also referred to as an interest-in-possession trust, the trustee has no discretion in the way assets are distributed.