A Trust is created when one individual (the Settlor) transfers legal ownership of part of his Assets to another Individual or Corporation (the Trustee) who takes on the obligations to own, control and manage the Assets transferred for the benefit of a further specified Individual or group of Individuals (the Beneficiaries).
It is a private arrangement between the Settlor and the Trustee and is set out in writing in the Trust Deed. In most jurisdictions there are no disclosure requirements and the Trust Agreement generally does not need to be registered with any government agency. A Protector may be appointed by the Settlor to monitor the actions of the Trustees. The Settlor may also provide the Trustee with a non-binding letter of wishes.
What is a Trust?
The effect of creating a Trust is to transfer the obligations of Asset ownership onto a Trustee, while retaining the Beneficial ownership of the Assets for the use and benefit of the Beneficiaries. As Trusts are a creation of English common law, the most suitable location for an offshore Trust is a jurisdiction which has English common law and equity as the foundation of its legal system.
EBC has experience of designing Trusts for many different types of Corporate and Individual situations. These include private Trusts such as discretionary, accumulation and maintenance, life interest and fixed interest Trusts, Corporate Trusts such as pension and employee benefit Trusts, charitable Trusts solely for the benefit of charitable organizations and purpose Trusts with no Beneficiaries.
Trust Services Provided:
EBC is able to provide the following trust services to clients:
Provision of Trustees
EBC is able to provide Trustees both Individual and Corporate.
Provision of Protector
EBC is able to provide the Protector of the Trust.
EBC is able to provide the following Trust administration services:
- Accounting services
- Tax compliance services
- Setting up of trust bank accounts
- Payment of distributions to beneficiaries
- Preparation, execution and retention of trust records
- Appointing and liasing with professional advisors on trust affairs
- Dealing with trust issues from beneficiaries and potential beneficiaries
- Setting up of and administering underlying corporate structures to hold trust assets
Review of existing Trust structures
EBC as part of the planning process is able to review for clients existing trust arrangements and structures and advise whether they are fit for purpose together with recommendations of any changes or amendments, if any, that should be considered.