Trusts have many advantages and are extremely confidential. When forming a trust is it very important to understand the client’s background and history so as the correct type of trust is chosen for their structure. A trust is a legal relationship under which there should be a Trustee, a Settlor and Beneficiaries. The Trustee manages all the day to day administration of the trust and deals with all the assets that are held under trust as per the terms of the trusts original paperwork.
No two trusts are the same and specialised tax advice may be needed to be taken by the Settlor before any trust is established.
Trusts can be used for many reasons and some examples of what Isle of Man Trusts can offer and are must commonly used for are as follows:
- Asset Protection;
- Estate and tax planning;
- Family Property;
- Inheritance Taxes;
- Tax Reductions;
- Wealth Protection;
- Planning for businesses and individuals;
- Employee benefit schemes;
Here at Chesterfield Falcon Limited, we can talk and guide you through each step of establishing a trust, a brief step by step explanation of how a trust is set up and what is needed for the trust to be set up is as follows:
- The Settlor should decide on what type of trust is going to be formed;
- Decide on who will be the Trustee of the trust, this can be a corporate licensed Isle of Man entity. Trustees manage the assets and administration of the trust. Chesterfield Falcon Limited can provide the services as the Trustee;
- Decide on who the Beneficiaries of the trust will be, this will be the parties who may benefit from the assets, which are held in the trust. These assets are transferred into the trust once the trust is established. The Beneficiaries can be family members, individuals or a charity;
- Create the Trust Deed, once the above steps have been decided and agreed then the Trustees will draft and prepare the Trust Deed. This document will contain all the relevant information about the trust and would be held on the trusts statutory file;
- Transfer of the assets, the assets that the trust will hold must be transferred into the trust and can be done once all the above steps have been completed and is done under the control of the Trustees.
Due to our vast knowledge on establishing and maintaining trusts Chesterfield Falcon Limited who are a licensed fiduciary firm in the Isle of Man provide many services which are requested by our clients for the day to day running of their trusts.
For further information, a full list of costs, compliance requirements and services please contact our offices which are fully licensed with the Financial Services Authority in the Isle of Man and are based in central Douglas, Isle of Man on telephone number 01624 699500 or please click here to send your enquiry.