How To Choose The Best Trustee For Your Offshore Trust

Selecting the right trustee for an offshore trust is one of the most important decisions to be made by the settlor (the person establishing the trust).

The choice of trustee has to provide peace-of-mind on all levels…from knowing that they will act in accordance with your wishes to knowing that they are an experienced, independent expert in their field.

The following list, though not exhaustive, should provide the basis for consideration when researching a trust company for the appointment of a trustee: -

-  Independence - a trustee must have no conflict of interest when it comes to the management and administration of a trust; the trustee should act in the best interests of the beneficiaries of the offshore trust at all times and therefore must retain total and absolute independence from investment, legal or accounting advisers.

-  Customer Service - ongoing proven service and support from the trust company is essential for the settlor and beneficiaries to benefit fully from the establishment of a trust.

-  Experience and Expertise - Laws surrounding the establishment and management of trusts is highly complex and demanding, therefore it is not sufficient to employ the services of an inexperienced individual or firm to take on the role of trustee. 

The role of trustee if far more than an administrative or management role and judgment and expertise are required across many fields - from legal to accounting, from taxation to investment.

-  Credentials - In many offshore jurisdictions trustees have to be licensed by the government to carry out trust work, make sure your chosen trustee has the correct licenses and qualifications for the jurisdiction he operates under. 

-  Value for Money - Establishing and maintaining a trust can be a costly venture.  Some institutions not only take set-up charges but they also take a percentage of the trust assets annually in administration charges. 

As every trust is different and everyone;s personal circumstances vary, make sure you seek out a trust company which has fee levels and plans that are clearly detailed and with which you are comfortable.

-  Jurisdiction - In which jurisdiction/s can the offshore trust company provide trustees and which jurisdiction is right for your personal circumstances? 

Make sure your chosen trust company can operate and establish a trust in the most suitable jurisdiction for your personal circumstances.

In return, when you have selected a trust company you are satisfied with to manage your trust, the trust company will assess your requirements and establish that the trust you wish to establish is right for your needs and will not be for criminal purposes, money laundering purposes or for the financing of terrorist activities.