TRUSTS AND TRUSTEES
Based on the established English law of trusts, the Trusts Ordinance incorporates provisions from other jurisdictions and several original refinements, not least of which is the abolition of the old prohibition against perpetual trusts. The trust is an attractive and useful vehicle for the purposes of tax and estate planning, and for the various other purposes ranging from the removal of assets from one’s estate to simple privacy to use by corporations for commercial transactions and investment programmes.
The Trusts Ordinance is applicable to trusts whose validity is governed by the law of Turks & Caicos. It is open to specify in the trust instrument that the administration of the trust, and indeed the interpretation of the instrument itself, will be governed by the laws of different jurisdictions. The instrument may also provide for the law governing each aspect of the trust to be changed from time to time. A transfer to a trust by an individual cannot be set aside if following the transfer the individual concerned retains sufficient assets to meet his actual and estimated liabilities.
If the specified trustee is a company which charges for its services, the company must be licensed under the Trustees Licensing Ordinance.
We will prepare or review trusts deeds in accordance with instructions from the client's advisers in the home jurisdiction, and will advise generally on the applicable law. We would normally secure the services of Chartered Trust in cases where ongoing fund management is required.