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TRUSTEE SERVICES
Isle of Man trust law is derived from English trust law (the originator
of the trust concept), with almost  identical
provisions. This makes it one of the most favoured jurisdictions for the
establishment of trusts.
Isle of Man trusts accord clients the complete confidentiality and stable
enviroment that any established trust law can offer. An Isle of Man Trust
of which the beneficiaries are non-residents and for which trust income
originate from outside the Island (interest earned on funds held in bank
accounts in the Island excepted), is exempt from income tax.
Trusts can take two distinct forms; a non-discretionary trust, a discretionary
trust or both.
A non-discretionary trust gives the trustee no discretion whatsoever and
clearly sets out the interests of the beneficiaries by binding the trustee
with precise instructions. A discretionary trust is more flexible, by
actually giving the trustee discretion in determining when, how and who
benefits under the trust. This is where a letter of wishes from the settlor
is most useful.
Trusts can also be revocable or irrevocable.
Formalities for creation of a trust:
No strict formalities are required for the creation of a trust. It may
result when the settlor intentionally transfers assets to a trustee to
hold in trust for beneficiaries, or when a person/trustee acknowledges
that he/she/it holds assets in trust. It may even result by chance. For
our purposes, either of the first two is normally the case. The trust
terms and the identity of a settlor can be kept totally confidential and
there are no filing requirements with the Islands authorities, regarding
the trust details.
| What can you use a trust for? |
i) To protect your assets: from
appropriation, exchange control etc
ii) To give privacy to your affairs. A trust
is private matter, whilst a will is normally public document upon
the death of the testator, occasioning the time-consuming and
expensive probate formalities.
iii) To preserve family assets (particularly against free-spending
and irresponsible family member or child)
iv) To provide for your family in the event of
your death.
v) Avoidance of taxation and To generally plan
your estate more efficiently and effectively.
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Westwinds is able to assist you with the
establishment (including provision of trustees and drafting of documents)
of trusts and their ongoing management. However, given the possible legal
and tax complications associated with each client's affairs, it is always
advisable to first seek specific independent professional assistance in
your own jurisdiction (in particular with your tax and legal professionals).
We can upon request, recommend suitable professional associates/contacts
in yours or any jurisdiction. We can then work closely with your professional
advisers, to determine your specific needs. We can also assist you with
establishing trusts in other favourable offshore jurisdictions like the
Turks & Caicos Islands, British Virgin Islands, Gibraltar, Ireland and Nevis,
depending on your needs.
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