Trust services
Trusts have been established and developed under English law for hundreds of years. The trust concept has since been adopted and developed within the laws of many common law as well as some civil law jurisdictions.
In broad terms, a trust imposes obligations and responsibilities on a trustee who holds and administers assets for the benefit of third parties (known as ‘beneficiaries’). The trustee is under a duty to act at all times in the best interests of the beneficiaries.
The various rights, obligations and powers are set out in a formal trust deed. This is a private document and is not subject to public disclosure. It is for the person establishing the trust (known as the ‘settlor’) to decide what interest the beneficiaries should have under the trust deed. The trust deed can, therefore, be as simple or complex as the settlor requires or the circumstances demand.
In essence, trustees manage and control assets for the benefit of others – be it the settlor, his or her family, a charity or any other specified party.
Trusts may be created under many circumstances and for many purposes. These include:
- Asset protection
- Tax planning
- Succession planning
- Continuity of business ownership
- Philanthropy
A trust can be used directly or with other entities, such as holding companies, to own assets almost anywhere in the world, including for example:
- Private company shares
- Quoted shares, bonds and government stocks
- Real estate
- Cash – in any currency
- Intellectual property rights
- Hedge funds
- Life policies
- Art, yachts, aircraft
The Paicolex Group will work with you and your advisers to assess your requirements and design appropriate solutions. We can then act as professional trustee offering a full formation, administration and management service to include all appropriate accounting and reporting in respect of a range of entities including:
- Discretionary, life interest and accumulation & maintenance trusts
- Purpose trusts
- Foundations