Trusts

A trust is a legal agreement between three parties: the trustor (the person who establishes the trust), the trustee (the person who manages the trust), and the beneficiary (the person who benefits from the trust). Trusts can be used for a variety of purposes, including estate planning, tax planning and asset protection.

Many private sector businesses are family-owned and managed by first generation founders. As these businesses mature and grow, there is an increasing need to protect not only the core business assets, but the family's personal assets as well.

People hold offshore trusts for a variety of different reasons, from controlling and protecting your family assets to tax and estate planning. But what makes a trust offshore? And what should you know before settling one?

Having a financial plan in place for your future is smart. Succession planning and asset preservation are particularly important if you want to pass your wealth onto your children in later life.

Making money is one thing, but protecting it is another – this is particularly true if you want to pass your assets onto your children. Any reputable bank, solicitor or lawyer will tell you that those who have amassed wealth need to protect their assets.

Establishing a trust or a foundation is a useful way to manage your wealth, protect your assets and take control of your succession planning. However, they often come with an element of confusion.