It is a popular misconception that Trusts – and in particular Offshore Trusts – are the domain of the ultra-wealthy or titled and landed gentry at the one end of the spectrum, or shady businessmen at the other end of the spectrum.
This is not true; and different types of trusts have a number of uses which can greatly benefit a significant proportion of the population.
A properly drafted and managed trust can confer advantages under any or all of the following heads:
Before pretty much any aspect of a deceased person’s estate can be dealt with, a Grant of Probate needs to be obtained. The procedure can be cumbersome, costly and time-consuming dependent upon the complexity of the estate. Also, proving a will is a public procedure so privacy about one’s estate goes out of the window. Trusts avoid all these issues and these issues affect EVERYONE, not just the wealthy.
Trusts can be one of the most effective ways of protecting assets whether it be from the taxman, from creditors or from legal structures such as forced heirship.
Many people do not want their assets to pass outright to their heirs, whether chosen by them or as prescribed by law, and prefer to make more complex arrangements. How you distribute your estate via a trust is confidential; thus avoiding potential family conflict over an estate.
Judicious use of trusts can avoid or mitigate taxes and provide for flexibility over the timing of delivery of assets to intended recipients to ensure such timing is as advantageous as possible for all parties.
A trust provides a vehicle by which a person can provide for those who may be unable to manage their own affairs such as infant children, the aged, the disabled or persons suffering from illness.
To arrange an initial consultation as to how we may be able to assist you in relation to trusts and estate planning, please Contact us using the form below and we will get back back to you shortly.
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64, Connaught Road,
Hong Kong, PRC
Phone: +852 2157 3940