Trusts facilitate wealth transfer | |
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A trust is a legal arrangement, not an entity, between three parties - the settlor, the trustee and the beneficiary - intended to facilitate the transfer of wealth. The settlor puts the assets in the trust, while the trustee administers the trust in accordance with the “trust deed” on behalf of the beneficiaries.
The trust deed is a personal, carefully crafted document. It reflects the settlor’s wishes regarding the allocation and management of his assets. The trustee must act with care and diligence to the best of his abilities and comply strictly with the terms of the trust deed.
Setting up a trust is worth considering if:
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you want to protect your family wealth, now and in the future;
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you need to secure your assets in matrimonial disputes;
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you want your assets to be managed as you wish in the event of illness, disability or death;
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you want to make sure that your family business is transferred intact to the next generation;
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your tax or estate planning so require.
Setting up a trust doesn’t have to imply losing control of your assets. It is a question of rearranging your wealth, bearing in mind your strategy and your wishes. The name of the assets’ owner changes, but you alone decide whether to buy, sell, or give away your property.
Trusts are subject to various legal requirements which make sound advice in setting up one crucial. Fortis has all the in-house expertise and experience needed to help you make the best possible arrangement.
