What'S Nf.wS Issue 9 October 1997 special 9 TTrust - the word actually sums Pip exactly what Michael and the team's role is in creating structures for clients who have opted for the preservation and growth of their wealth and possessions through a form of asset management that has been around for almost a thousand years. 'When medieval knights went off to war,' Michael says, 'they could be away for years. They needed someone they could trust to manage their estates in the meantime.' This led to the creation of early trusts under English law and they are now firmly entrenched in UK legislation 'and in the law of Khose countries, such as the JS, whose legal systems were initially based on English common law.' PRESERVING ASSETS In fact, the concept hasn't is to preserve the value of those assets; clearly, we'd be aiming to grow those assets whenever possible.' If the notion of trusts evokes Agatha Christie-style who dunnits in which young orphans prove to be missing aristocrats with a trust fund waiting to transform their formerly miserable lives, then you would be way off the mark - but not completely. SELF-DETERMINATION 'Certainly, a trust is used by concerned settlors who want to protect both the beneficiaries and the assets,' Michael agrees, 'for example, they are often created for children or other relatives who are incapable - perhaps through ill-health, but also for other reasons - of managing their own affairs.' He offers no anecdotal examples, but then decide yourself whom should receive what and when.' ASSET PRIVACY Estate planning is another reason for opting for a trust structure. 'When you establish a trust,' says Jacqueline, 'what you are actually doing is transferring the legal ownership of assets to that trust and its trustees. That means the beneficiaries may benefit from it, but they have no legal control over it. The assets no longer form part of an individual's wealth so they are not disclosed in declarations of wealth and usually cannot he confiscated or repatriated.' The names of beneficiaries are only recorded in the deed of trust, which is a private document and is not reported to any authorities. 'That guarantees privacy,' Jacqueline confirms. says Michael. 'I've been travelling a lot recently, especially to see our private bankers in Southeast Asia, because there is more demand for information and explanation of how a trust works. In addition to all the advantages noted above, there are more. Trustees are morally and legally obliged to manage assets professionally and impartially, so our clients are also getting the benefit of quality advice and portfolio management coupled to international financial planning and fiscal liability mitigation. While you can establish a trust at any time, it is usually most advantageous from a fiscal perspective when you're in between jurisdiction, ie. when you're moving from one country to another.' ADDING VALUE Relationship managers should Trust experts left to rigbt, Michael Jephcote-Wareham, Jacqueline Hunter and Brendon Francis. V A Handling customer needs, front left to right: Ros Chambers, Claire Marriette, Chris Corbin and Dale Hubber-Richard. changed that much since the middle ages. The settlor (see what's in a word) transfers property to the trustee, Rabobank Trust Company Guernsey, for the benefit of - yes, you guessed it - the ^>eneficiaries. 'As trustees,' Jacqueline explains, 'our job is to make sure that the assets are managed in the best interests of the beneficiaries. That means our minimal aim you wouldn't expect gossip, however discrete, from a trustee. 'However, there are far more reasons why someone would establish a trust. Among them are preservation of family wealth and the avoidance of, for example, forced heirship. In some countries legislation obliges you to leave your assets to certain relatives. By establishing a trust, you can PROFESSIONAL MANAGEMENT A trust clearly has a number of advantages, but signing over one's assets can hardly be an easy decision, especially when the trust concept is not traditionally an option. How does the team market the service and reassure potential clients that their assets are in good hands? 'The trust is gaining in popularity around the world,' keep that in mind; if they can alert their customers to this kind of service at the right time, then they can really add value. If you would like more information on Guernsey trusts, Michael, Jacqueline and Brendon are more than willing to fill you in. Call them on +44 1481 725147.

Rabobank Bronnenarchief

blad 'What's news' (EN) | 1997 | | pagina 9