Trusts are an ideal vehicle for the accumulation and protection of private wealth.
A trust deed is a private document, which is not required to be filed on any public register, therefore maintaining strict confidentiality.
Providing the trust beneficiaries are not resident in Jersey, a Jersey trust can be controlled and managed in Jersey whilst remaining exempt from any form of Jersey taxation.
The Settlor having created the trust by transferring or gifting assets into a trust, the trustees then hold the trust assets and administer them for the benefit of beneficiaries. The trustees are a continuing body, regardless of the resignation or appointment of individual trustees.
Subject to the terms of the trust, the trustees have all aspects of ownership, except one, they cannot benefit from or enjoy the assets; this is reserved for the beneficiaries.
Jersey has an established trust law, the Trust (Jersey) Law 1984, in which provisions exist covering the duties, responsibilities and powers of trustees, arrangements on termination of trust and the rights of beneficiaries. Greater safeguards are in place for trust beneficiaries than exist in some other offshore locations.
Jersey is party to The Hague Convention on the Law Applicable to Trusts and on their recognition. Jersey law therefore can provide similar protection for trusts established in other jurisdictions and administered in Jersey.
TRUST SERVICES PROVIDED INCLUDE:
Arrangements can be made for the drafting and execution of trusts deeds under Jersey or other laws.
Provision of trustees, corporate or individual.
Administration of trust assets, such as investments, property and land, wherever situated.
Provision of income and capital payments to beneficiaries.
Appointing out of trust assets to beneficiaries.
Assistance in the appointment of advisers to trusts, such as investment management and banking arrangements.
Reviewing the continued usefulness and structure of trusts in the light of changing legislation and beneficiaries' evolving circumstances.
Maintenance of accounting records and the preparation of annual accounts.
EXAMPLES OF OFFSHORE TRUST VEHICLES INCLUDE:
Particular kinds of Private Trust:
Accumulation and Maintenance Trusts.
Asset Protection Trusts.
Estate Planning and Family Trusts.
Particular kinds of Trust for Commercial Purposes:
Employee Share Ownership Plans.
Employee Share Incentive Schemes.
Trusts for the collection of Royalties.
Trusts in Corporate Planning.
Trusts for Capital Gains Tax Planning.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
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