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Why use a Trust?

  • Flexibility
    A discretionary trust is extremely flexible and can be tailored to a family’s changing circumstances and needs.
  • Confidentiality
    Trust assets are legally owned by the trustees and are held in their names, not in the names of the settlor or the beneficiaries. The trust accounts are private, and do not have to be filed for public access.
  • Asset protection
    This is a function of most trusts, but some trusts are created to alleviate a concern that potential creditors could claim on them in the future, although care must be taken in all cases to ensure that no transfers of property into trust are made in such a way as to prejudice any known creditor claims.
  • Tax planning
    If created and operated with care and with appropriate advice from qualified tax advisers in the relevant countries, a trust can mitigate tax. For example, it may be tax-effective if created before you emigrate to another country. It may also help to reduce taxes which would otherwise arise on death.
  • Family asset management
    A trust can provide a centralised asset management structure for beneficiaries who are not in a position to manage assets themselves.
  • Estate planning
    A trust can ensure that wealth earned by an earlier generation stays within the family. It can also help remove disputed assets from a settlor’s estate.
  • Probate
    Settling a trust can remove the need for probate over the assets held in trust, which reduces the risk of there being any confusion over who inherits and speed up the administrative process.  A probate trust can either end on the death of the settlor, or continue to leave the assets within trust going forward.

 

 


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