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A trust is a private arrangement whereby you, as the settlor, transfer the legal ownership of your assets (which then become the trust’s assets) to the trustee. The trustee then manages and holds these assets on your behalf for the benefit of its beneficiaries – either yourself or a third party.
Such beneficiaries may include you or members of your family, typically children, or adults who are unable to manage a specific set of related finances – hence the involvement of a trust management service. However, trust accounts may also be held on behalf of an institution, with the fund acting as a means of financing the institution’s work.
As with many other forms of wealth planning, trust accounts operate under a set of agreed-upon terms, which must be met before such accounts can be opened and returned to the trustee – such as when a child comes of age.
Why consider trust and fiduciary services?
Trusts, foundations, and other similar wealth structures are an excellent choice for clients looking to more easily manage complex family wealth. They act as a means to protect and grow the wealth of other family members while preventing said trustees from accessing the funds before they’re ready.
Alongside this, trust management services can help protect your family business and provide a secure line of financial continuity for a successor, preserving what capital your business owns and helping your family members enjoy financial benefits across generations.
What to consider when choosing a trustee for your account
Determining who will administer your trust account is just as important as any other area of wealth planning. After all, it’s a decision to create the structure itself, and you want to make sure such a financial structure is right for both the finances in question and the family member choosing to invest them.
Trustees ultimately accept personal responsibility and legal liability for the financial welfare of the trust fund, so selecting a responsible trustee to protect, manage, and distribute these assets in your trust is a key decision that will have lasting implications.
Therefore, it’s essential that you choose a trustee with professional legal knowledge and financial expertise, as a trust may involve generations of work to maintain. From detailed record-keeping to coordination with lawyers, accountants, and other advisers, all of this and more will be required to promote maximum growth for the fund in question.
How to open a trust account
Opening and investing in trust management services can seem like a daunting task, especially if other family members are not as familiar with finance as yourself. That’s why our trust management services are designed to make the process as simple as possible.
If our trust management services are something you’re interested in choosing, please speak with your Relationship Manager for more information.
What is a Trust?
Explore the fundamentals of trusts in our video - whether you're a seasoned investor or new to wealth management, gain insights to make informed decisions on securing and managing your assets.
The benefits of using our trust and fiduciary services
We are one of the leading international private client trust businesses, with a history of more than 75 years.
Our dedicated team is based across the globe and includes professionally qualified specialists, whose skills and experience form the basis of the service we provide. These capabilities will help you develop and implement solutions that comply fully with all legal and regulatory requirements.
We offer a full range of solutions and can hold a wide range of assets, within structures that are often designed to span generations of one family.
While we are proud to be part of one of the most strongly capitalised banks in the world, we are happy to work with your preferred advisers and managers (and with other private banks).