A trust is a legal agreement whereby an individual transfers property to another person, the "trustee", for the benefit of a third party, the "beneficiary" (or beneficiaries), who may also be the trustor. Assets transferred to a trust are managed based on the last will or letter of wishes in a way that corresponds to the desired one of the settlors.
The settlor may also designate a protector, who may supervise through the activities of the trustee, whether the trustee acts in the best will and per the instructions or wishes of the trustor and the persons who must have the benefits of trust beneficiaries). A protector can be anyone, such as a friend of the family, a lawyer or anyone who enjoys the confidence of the agent.
Our clients use the Offshore Trust liable as a legal vehicle for the administration and disposal of their assets or as a successor tool. The Offshore Trust allows us to establish better protections that are not yet available in the local trust, for which we have the collaboration of foreign specialists in the field.
A living trust can be established, among other reasons, by:
- Patrimonial planning.
- Confidentiality and privacy.
- Structuring and centralization of goods.
- International investment.
- Fiscal planning.
- To avoid problems due to death.
- To protect yourself from potential creditors.
- Flexibility.
- As a successor tool, the offshore trust is used, among other reasons:
- - To support and protect minors;
- - Amicable distribution of assets among inheritors and beneficiaries;
- - To avoid litigation among inheritors, which could be devastated for the family fortunes and businesses;
- - Confidentiality.