Trusts have their origins in medieval English law and have long been associated with the protection of assets. A trust enables an individual (the “Settlor”) to transfer the legal ownership of assets to a third party (the “Trustee”), who holds and administers those assets for the benefit of other individuals, (the “Beneficiaries”).
The trust arrangement is normally recorded in a written document (the “Trust Deed”) which is signed by the Settlor and the Trustee. Alternatively, the Trustee may declare the arrangements under which the assets are held by means of a Declaration of Trust.
The Settlor may make his views relating to the maintenance and distribution of the assets known to the Trustees by way of a Letter of Wishes.
Offshore trusts may be used for many purposes, including:
· Asset protection
· Estate planning
· Maintenance for family and dependents
· Charitable Purposes
Weighbridge Trust Limited can establish trusts and settlements in various forms in consultation with the client’s tax planners or legal advisors and can assist in obtaining appropriate professional advice for those clients who do not have their own advisors.
We also undertake the administration of existing trusts and settlements including:
· Custody and supervision of trust assets
· Bookkeeping and accounting
· Monitoring investment performance
· Day-to-day administration
· Preparation of valuations and other reports
· Ongoing liaison with the client and his or her advisors