A trust permits you to choose how your assets and the income arising from them should be distributed during and after your lifetime.
No Probate and Complete Confidentiality
A trust eliminates the need for formal probate proceedings before distributions can be made and, unlike a will, is not subject to disclosure.
A trust can continue after your lifetime until children or grandchildren are old enough to manage wealth.
A trust can provide very important tax benefits for now and future generations.
Can One Control Assets Held in Trust
You can reserve substantial powers within the trust structure, but to reserve too many powers in the trust risks it becoming ineffective legally and endangers the many advantages. There are mechanisms through which you can ensure that your wishes are met.
Importance of Common Law
The place, where your trust is domiciled, is called The Situs and is important because of the protection it can afford. Generally, we recommend a common law jurisdiction such as Gibraltar, The Isle of Man, Bermuda or Mauritius. Common Law can rely over one thousand years of legal precedents which makes it superior to statutory law.
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.