9/24/2020
FAMILY TRUST - PANAMA LEGAL CENTER
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FAMILY TRUST; COMPLETE GUIDE What Is A Family Trust? Family Trust is one of life’s essentials since NO certainties exist in life. Financial risks for you and your family demands a family trust in order to protect you and your loved on nancial disaster. The objective of this guide is to provide you with the information you need to make the right decisions: 1. whether establishing a family trust is a good idea for you and your family 2. how to establish your own family trust 3. how to administer your family trust? 4. Where to establish your family trust? A family trust designed to protect hard earned assets of you and your family. As everybody’s situation is di erent, family trust arrangements need to be tailored to your p situation. The information in this booklet provides a general guideline but cannot replace the detailed professional advice. An o shore asset protection trust or international trust, when set up properly, can be a highly e ective tool for protecting your assets from the reach of civil creditors. The assets are transferred out of your name and into an o shore trust. You still maintain the ability to manage and practically make decisions for the trust and its underlying asse If you decide to establish a family trust, your professional at panama legal center (https://www.panamalegalcenter.com/) will ensure that the trust arrangements you put in p tailored to meet the needs and aspirations of you and your family. You will note that a number of terms throughout the document are printed in bold type. These terms are pa signi cant and you can nd a useful explanation of them at the end of the E book.
What Are The Pros & Cons Of A Family Trust? A family trust exists whenever one person, a settlor, gives property to another person, a trustee, to hold for the bene t of a third person, a bene ciary. A family trust is the relationship amongst: A. The settlor, who creates the trust and decides what goes into the trust deed B. The trustees, who hold title to the trust assets in their own names and deal with them as instructed in the trust deed C. The bene ciaries, who receive the bene ts from the trust.
Bene ciaries may include: 1. discretionary bene ciaries, who may receive a bene t from the trust at the discretion of the trustees 2. nal bene ciaries, who are entitled to whatever funds are still left in the trust when it is wound up 3. primary bene ciaries, who are discretionary bene ciaries given some sort of priority ahead of the other bene ciaries. For most purposes, a trust is treated like a separate legal entity person. Income and assets owned by a family trust are not owned outright by either the trustees or the bene ciari assets only become the property of the bene ciaries when trustees transfer the assets from the trust to the bene ciaries personally. As a result, trusts can be used to achieve a nu objectives, including those summarised on the following pages.
What Are The Bene ts of A Family Trusts? Asset protection in a trust usually shields trust assets from any creditors of the grantor the bene ciaries or the trustees personally
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