Member-only story
Creating a Trust for Yourself: What You Need to Know and the Most Trust-Friendly Country
A trust is a powerful financial tool that allows you to protect and manage your assets, plan your estate, and ensure financial security for future generations. While trusts are often associated with wealth preservation, they can also be used strategically by individuals to secure their financial future and achieve specific goals.
If you’re considering setting up a trust for yourself, understanding its structure, benefits, and the best jurisdictions to establish it is essential.
What is a Trust?
A trust is a legal arrangement in which a person (the grantor) transfers assets to a trustee, who manages those assets on behalf of beneficiaries. The trust is governed by the terms laid out in a legal document called the trust deed.
Trusts can be structured in various ways, such as:
- Revocable Trusts: Allow the grantor to modify or dissolve the trust.
- Irrevocable Trusts: Cannot be altered once established, offering stronger asset protection.
- Self-Settled Trusts: Enable the grantor to also be a beneficiary, allowing for personal financial planning.
