The settlor is the person who transfers their assets to establish the Trust ( to a trustee for the benefit of the beneficiaries).
An International Trust must have a Seychelles resident trustee who holds a valid trustee services license issued by the Seychelles International Business Authority. It is permissible to appoint a non-resident co-trustee.
The trustee must operate in the best interests of the beneficiaries, and breaches their legal duty if they fail to exercise a sufficient level of care. The trustee must obey the directions in the Trust Deed and must account for all transactions. A trustee is entitled to make reasonable charges. A trustee’s actions are strictly controlled by law.
The settlor decides who they wish to benefit under the terms of the Trust – who will be specified as beneficiaries and how they are to benefit. A settlor may wish to nominate family members as beneficiaries who could benefit upon their death, or to assist with school fees or university education).
Offshore discretionary Trusts
There are many offshore trust structures. Probably the most common is an irrevocable discretionary trust. Here the trustees have full discretion in the administration and disposal of the assets in favour of the beneficiaries (subject to the terms of the Trust Deed). A discretionary trust gives the trustee broad discretion in relation to administration of the Trust, for example, relating to distributions or to add or remove beneficiaries as guided by the settlor’s wishes.
The trustee administers the trust at their discretion. A letter or expression of “wishes” is provided by the settlor, setting out their wishes in relation to administration of the trust. In practice, the trustees will operate in accordance with the Letter of Wishes but are not legally bound to do so. It acts as a guide to the trustee.
Some settlors appoint a protector (often a professional advisor know to the settlor or close member of family) to oversee operation of the Trust. While a protector does not control a Trust, the protector can be given veto power on certain trust decisions – the addition or removal of a beneficiary by the Trustee. A protector may also be given power to remove or appoint trustees.
All documents such as settlor’s Letter of Wishes and Powers of Protector will be drafted by Anglo-Corp in close corporation with the settlor.
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