Trust Parties
The set up of a trust requires the participation and involvement of four main parties, namely; the settlor, trustee, beneficiaries and protector. The procedure will vary according to the jurisdiction in which the it is formed however the trust parties will generally remain the same. DeltaQuest consultants are experienced in all areas of trust formation and can provide comprehensive consultancy on the most favorable location to set up in, and also advise you on how to draft your trust deed. In addition, DeltaQuest can provide trustee services where by we will act as the administrator of the trust and will manage your trust in strict accordance with the deed.
To learn more about each of the relevant trust parties involved in the creation and management of a trust please select from the list below.
Trust Parties and their roles explained
The initiating party is called the settlor and this is the person who wishes to establish a trust, generally for asset protection purposes. The settlor will choose the country they want to form in and the type they desire. In addition, the settlor will decide which assets he/she wishes to deposit into the trust and who the receiving beneficiaries will be. The management of the trust will be drafted by the settlor in the official deed and a nominated trustee will be selected by the settlor to carry out the provisions within the deed. A trustee as mentioned is chosen by the Settlor and can be an individual or company. The main responsibility of a trustee is to manage and administer the trust in line with the declaration while always acting in good will and in the best interests of the beneficiaries.
The beneficiaries are the individuals who will benefit directly from the trust property. In certain cases, beneficiaries can be added or removed from the deed and it is normally the decision of the trustee as to how and when the trust property will be distributed to the beneficiaries. The fourth party to the successful operation of a trust is the protector. The protector is an impartial individual that is empowered with the responsibility of monitoring the administration by the trustee, to ensure strict compliance with the provisions of the deed.
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