Georgetown Trust Blog

Finding the Right Global Advisor to Set Up Your Trust

Posted by Georgetown Trust on Apr 16, 2015 1:23:22 PM


globalSetting up an offshore trust can be a smart move for a variety of different reasons. Some individuals choose to establish a trust so that they can better protect their assets for unknown circumstances in the future.

Others may want to have a trust so that their holdings are completely diversified, or they might want to reduce their tax burden in a significant way. Still more individuals treat an offshore trust as a part of their estate planning since it can be a helpful tool when setting aside money or assets for loved ones.

Whatever the reason for your offshore trust, finding the right advisor to help you through every step of the way is integral. Here are some tips to help you locate the perfect person for the job.

Find Someone With Experience in Offshore Trust Management

Before setting up your trust, it is important to understand the terminology. You, the person who establishes the trust, will be known as the grantee or the settler. The beneficiary is the person or organization who will receive the assets placed in the trust at a determined date in the future.

The person, or people, you'll need to appoint include the trustee, who manages the assets, and the protector, who works with the trustee. Your global advisor can fill either of these roles depending on your personal preference.

You'll want something with experience in managing offshore trusts because this can give you peace of mind that your assets are being handled with care and that your beneficiaries will get they deserve at the right moment in the future.

Ensure You Can Communicate Well When Necessary

Most potential financial advisors available through offshore banks will be able to communicate effectively in English, but that's not all you will want to look for. Keep an eye out for potential trust advisors who are comfortable communicating in the methods you prefer.

Some trust protectors and trustees work best on their own and need little interaction, while some trust settlers want to stay in touch regularly for peace of mind. Find an advisor who best matches your own communication methods and habits.

Look For Advisors With Experience in Your Type of Trust

There are as many different types of trusts as there are people who want to establish an offshore trust, so make sure you find a financial advisor who is familiar with the kind of trust you wish to create.

Your beneficiaries might be relatives or charitable organizations, for example, or you might be planning to structure your trust so that it is managed by an offshore corporation in a place like Belize.

Find an advisor who can suggest the right type of trust and who has experience dealing with trusts similar to what you have in mind.

Pick Advisors in the Right Offshore Locations

Finally, remember that the location of your offshore trust matters tremendously. The trust's location helps dictate what taxes can or can't be levied, how secure the assets are and what level of privacy surrounds it.

Work with a global advisor who has experience in tax-friendly jurisdictions, such as Belize, and is familiar with the process of establishing and then managing the trust from that location.

Establishing a trust in an offshore location can be a savvy move for those who want to provide for loved ones or just preserve their assets. To make a trust successful, finding the right advisor to help set up your trust is key.

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Topics: International Trusts