Offshore trusts pack a big punch in a very simple legal agreement. Although there are similar agreements like wills or prenuptial agreements that can appoint a set beneficiary for certain assets, these agreements still carry many caveats that can make them null and void.
An offshore trust guarantees that there is no government intervention when the time comes to distribute your assets to your beneficiaries. When using an offshore trust in place of a will, your beneficiaries would not have to worry about any forced heirship laws interfering with what was left for them.
Unlike a prenup, offshore trusts are straight forward and leave no room for contest by your spouse in the event of a divorce. Because the offshore trust will be established by yourself for the benefit of a beneficiary, there is no way your spouse can challenge you for the assets in the trust once the trust is established before the marriage takes place. Since a prenup is an agreement between you and your spouse, there are many ways your spouse can challenge its validity, making your assets vulnerable in the event of a divorce.
If you think an offshore trust would be beneficial to you, don’t hesitate on consulting with an offshore trust provider since the time you choose to establish the trust can change the entire scope of the agreement.
These offshore financial services experts will not only help you to establish your offshore trust, but they’ll also be able to provide you with excellent trustee administration services that can offer added benefits. Belize trusts provide the settlor with preservation of wealth, asset protection, tax benefits, estate planning and confidentiality.
Continue reading to learn about some trustee administrative services that these offshore financial services providers offer.
Estate Planning
We had already mentioned the benefits of replacing the will with an offshore trust. But these offshore providers can also assist in ensuring that your assets are distributed efficiently throughout your loved ones so that the trust performs in accordance with your intentions.
As such, choosing an appropriate trustee is imperative when forming a trust. In the event of your passing, your friends and family members may be disoriented with grief causing them to become overwhelmed with the responsibility of handling your estate. The offshore financial provider that you establish the trust with can provide a corporate trustee that would ensure impartiality so that your intentions are fully carried out.
Estate Administration
In addition to helping you choose a corporate trustee, the offshore providers can also assist with estate administration tasks. These tasks include notifying the beneficiaries of the trust, collecting the assets, locate the trustee, probate assets, and distribute the assets.
Financial Planning
Moving away from estate planning, trustee administration services also include financial planning. This involves retirement planning, tax planning and education planning for your kids.
The offshore providers can assist you with various saving and investment options that are tax-efficient and cover long-term expenses.
