Governance & Succession

To hold and manage assets for family members under rules the settlor sets, so wealth can be passed on in a controlled way, protected and administered across generations.

The trustee holds legal title to the trust assets and must manage them for the beneficiaries under the trust deed. The beneficiaries have the benefit of the assets as the deed allows, rather than owning them outright.

Because the assets are held by the trustee rather than the person who died, the trust usually continues. The trustee keeps managing and distributing the assets under the trust deed; the exact effect depends on the type of trust and the governing law.

Set-up and running costs, loss of direct ownership of the assets, ongoing reporting and tax obligations, and complexity, especially for families and assets spread across several countries. Trusts set up to defeat creditors can also be challenged in court.

Not necessarily. A living trust is one set up during the settlor's lifetime; a family trust describes who benefits. A family trust can be a living trust, but it can also be created by a will.

It varies widely by country, adviser, the complexity of the deed and the assets involved, plus ongoing trustee, accounting and reporting fees. Ask a qualified adviser for a quote for your situation.