Estate Planning
Are you ready for the road ahead?
If you’re an internationally mobile person you may have acquired a number of possessions over the years from different countries in which you have lived and worked, you may also have property abroad.
Add to these the range of bank accounts, savings accounts, pension schemes and your investment portfolio and you start to draw a fairly complex picture. But should you pass away suddenly, what would happen to all of this?
Your Will may not guarantee your wishes
While writing a Will can assist in ensuring that your assets are passed to those you choose to benefit in the event of your death, the international aspect might not guarantee that your wishes will be achieved.
Even if you’re able to cover your worldwide assets under one or more Wills made in different jurisdictions, domestic laws can hinder the transfer of these assets into the names of your intended heirs. The processes set in place can be a costly and time consuming, leading to delays in putting the right money in the right hands at the right time. This can cause unnecessary anxiety and distress for those you leave behind.
How can we help?
It may be possible to simplify your financial affairs by placing your investments and property into a trust.
I would like to arrange for an International Wealth Manager to call me to discuss estate planning
OTHER WAYS WE CAN HELP YOU
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Financial Planning
DID YOU KNOW?
Jersey offers the ideal environment in which to create a lifetime trust as it has robust trust laws and sound financial regulation. Assets held within the trust are not subject to local taxation if the beneficiaries are not resident in Jersey.
There are many trust structures, depending on your personal circumstances.
IN DETAIL…
What is a Trust?
A trust can be described as an arrangement which enables an Individual(Settlor) to give property or other assets (such as investments) to another person or people (Trustees) who then look after the fund for the benefit of someone else (Beneficiaries).
How does a trust work?
The person or people who look after the fund are called “trustees” and the person or people who will benefit under the trust are called “beneficiaries”. The “trustee” has a legal obligation to act in accordance with the terms of the trust.
Under the trust law of many jurisdictions a person who creates a trust can also be included as a beneficiary or, alternatively, take some form of fixed interest under the terms of the trust. The type of trust best suited for you will depend on your specific circumstances and objectives, such as passing down wealth to subsequent generations or, alternatively reducing the impact of Inheritance Tax.
Type of Trust Structures
The type of trust structure most appropriate for you will depend on your personal circumstances and objectives.
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A simple trust can be created to hold gifts for the absolute benefit of young children, enabling funds be set aside to pay for future school fees for example
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Alternatively, you may wish to create a trust which holds investments outside your general estate for probate purposes to ensure that your spouse or other beneficiaries have funds immediately available for their use in the event of your untimely death.
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Or you may wish to plan to pass wealth down to future generations without actually deciding at this stage exactly who is to benefit, in what circumstances and by how much.
Appropriate trust structures can be put in place now to protect wealth while providing sufficient flexibility to facilitate future changes. Our experienced International Wealth Managers will be able to guide you through the various options available to you to ensure that you understand exactly which structure is most appropriate for your needs.
DISCLOSURES
Please remember that with investments the value of shares and the income from them may go down as well as up, is not guaranteed, and you may not get back the amount you invested. This could also happen as a result of changes in the rate of currency exchange, particularly where overseas securities are held.
As with any investment you should ensure that the fund is appropriate not only to your tax position but also to your personal investment needs.
Your tax situation will depend on your personal circumstances and you should refer any tax planning to your accountant or professional tax adviser. The tax information in this brochure is based on our understanding of current legislation & practice & may be subject to change
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