A
Trust is defined as a convenient method by which a limited number
of persons (the trustees) may hold property on behalf of ther person
(the beneficiaries) some of whom may yet be unborn.
A
trust is created when property is given by one peson to mone of mre
other persons to be held and used for the benefit of third persons
(the beneficiaries)
A
trust is often formed to:
(a)mitigate the effects of burdensome laws and regulations,
(b)
avoid exchange controls
(c)deferral and minimization of taxes,
(d) international estate planning and
probably most important is
(e)the settlor is enabled to have their assets protected and administered
in
accordance with his wihes both up to and after their death.
A Turks
and Caicos Trust may be established either by Deed of Settlememnt
in which the Settlor is identified or by Deed of Declaration of Trust,
in which the trustees acknowlege their appointment and receipt of
the seettled sum with the settlor remaining anonymous. Asset transferred
to a Turks and Caicos turst should be unencumbered assets from the
net estate of the settlor. The Trusts Ordinance provides for the protection
of assets transferred to a Turks and Caicos Islands trust from claims
based on the right of heirship exisitng under foreign laws.
The above
information was taken from an article written by Keith D Burant, managing
director of Meridian Trust Company here in the Turks and Caicos and
an attorney ...Mr Paul Dempsey. both recommended by Peter Crawford
Smith.
It is essential that any and all information be checked with authorized
and liscenced professionals that can advise the best way to go about
forming a trust or company here in the Islands as this web page information
is only partial and only gives a very basic idea of the use of Trusts.