Trusts

There are a number of reasons for establishing a Trust, which is the transfer of legal ownership of assets to a Trustee to hold upon trust therefore falling outside ones estate at the time of death.

Generally a Trust is utilized where there are minors involved or family complications that may result with the assets being exhausted or seized at the time of transfer to heirs. It is also a useful vehicle where there are assets in various jurisdictions as it will prevent the necessity of seeking probate in each jurisdiction.

Following the death of a Testator, it is generally necessary for his Executor to apply for probate in the country where his assets are situated. Where the deceased dies with only one Will, then all his assets will fall into his estate but his Executor will need to prove the Will in each jurisdiction where assets are situated. By necessity this will cause delay and additional, sometimes significant costs (legal fees and translation fees), which could otherwise be avoided. There is also a risk of disclosure and double taxation of these assets in the country of situation and in the home jurisdiction.

Tailored to the exacting needs of the client the Trust provides;

• Protection and administration of assets for family and future generations

• No need for probate which simplifies the distribution of assets to family members

• Minimises income and other taxes payable

• Avoids inheritance taxes or estate duties which may otherwise be payable

• Avoids forced heirship rules whereby the Laws of a particular Country determine the inheritance of assets in a manner which may be contrary to the wishes of the client.

.