The traditional use of trusts is protection and preservation of family assets. The most common purposes for establishing a Trust are:
- Asset Protection
- Will Substitute and Avoidance of Probate
- Avoidance of Forced Heirship
- Family Succession Planning
- Tax Planning & Avoidance of Estate Duty
- Benefit of Charities & Purpose Objectives
- Confidentiality and Privacy Protection
- Contingency Planning
Trust is a relationship among the three parties: Settlor, Trustee and Beneficiary (ies).
Settlor is the person or corporation who establishes the Trust.
Trustee is the person or corporation appointed by the Settlor holding legal ownership of assets in the Trust for the benefit of the Beneficiaries.
Beneficiaries are the persons, corporations or charities having the beneficial right to enjoy the assets in the Trust.
The establishment of trusts in the BVI is regulated in the Trustee Act, Cap.303 which was amended by the Trustee (Amendment) Act, 2003. The purpose of the amendment was to establish certain new rules for trusts which should make the BVI an atrractive Trust jurisdiction.
Disclaimer: The informations included in this site for information purposses only and mys not be taken
as legal, accounting or other professional advice. Any one seeking to estabilish any offshore legal entity
or bank account should first seek professional legal, accounting or other professional advice.