trusts

Deciding on a trust

Introduction | Origins | The Concept | Civil Law | Other Jurisdictions

The decision to set up a trust should only be decided after a thorough examination of the objectives to be achieved, the nature of the Settlor and the amount of wealth to be managed.

We suggest that you ask yourself the following questions before embarking on professional advice:

1. Why do you want to set up a trust? What are your motives? Have you analysed what you want to achieve? And what assets do you wish to direct in a particular way?
2. Once you have determined your motives, analyse the alternatives that may be used. If you currently have control of your assets, you may find it better to employ some contractual arrangement, set up a joint bank account, use hybrid companies, a foundation or perhaps set out your wishes in a will, or even a straight forward gift.
3. If a trust is the ideal vehicle for you to achieve your objectives, you will need to decide who will be the trustees. This is a crucial decision as you will need to have confidence in the quality of service offered by the Trustees.
4. The next question is where to locate the trust? There are many factors involved in this decision, namely, the type of trust, location of assets and what you want to achieve. There is no ideal location for a trust because the jurisdiction depends upon the location of the assets and the nature of the trust.

Please contact us and we will be more than pleased to assist you with any questions you may have on establishing a trust.

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