Who are the trustees
An offshore trust is a form of agreement that protects ones assets from high taxation regulations. It is a legally binding agreement, and must consist of certain party members in order to be regarded as a legal entity. Of these parties, a trustee plays a crucial role in ensuring that the owner’s assets are securely protected by the trust fund.
If you are interested in establishing a trust using DeltaQuest, and would like to learn more, please visit our Offshore Trusts services page.
Trustees explained
The purpose of an offshore trust is to enable high net worth individuals to safeguard their assets within a stable and tax friendly offshore jurisdiction. Depending on the jurisdiction selected, an offshore trust can offer wealthy individuals or corporations the opportunity to protect their capital from heavy taxation. When setting up the entity, it is therefore vital to select a jurisdiction that meets your personal and financial preferences.
When establishing your entity it is vital that it is made up of certain parties. The parties involved include the settlor, the protector, the beneficiaries and the trustees. The settlor is the individual responsible for establishing the entity. The protector is responsible for ensuring that the trust is correctly managed in compliance with the settlor’s wishes, whilst the beneficiaries are those who will ultimately benefit from the formation of the structure.
The trustee is an independent party that is appointed by the settlor to manage and administer the trust in accordance with the settlor’s wishes. When setting up a trust, a deed is drawn up. According to the deed, the trustee is required to carry out any obligations requested by the asset’s owner.
Trustees play a key role in ensuring that an individual’s assets are correctly protected. In many countries throughout the world there are high tax costs in place on valuable assets and possessions, which often leave wealthy individuals paying vast amounts in tax charges. The trustee’s role is to manage the asset protection tool and thus secure the high net worth individual or organization’s assets from harm.
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