1. As the Client is it possible to appoint an IFA/Broker/Distributor to be responsible for allocating the assets within my Trust BUT not be the ‘Power Holder’ of the Trust, i.e. the protector of the Trust?
Yes, it is possible for IFAs/Brokers/Distributors to be responsible for asset allocation BUT not be the Power Holder. This involves nominating the IFA/Broker/Distributor as the Client Investment Adviser and can be done by simply ticking the appropriate box in Section 1.7 of the Application Form (page 10).
2. Is it possible for both my
wife and I to be Settlors into the one Trust?
Yes – two Settlors are possible. There is space within the Application Form for two names and two signatures if you would prefer to have two Settlors.
3. If I am the Settlor of the
Trust can I access the assets within the Trust at any time, for example, to pay
school fees or help with a deposit on a first home?
Yes, a Settlor can also be a Beneficiary. You as the Settlor may access money or any other assets held within the Trust throughout your lifetime provided you have nominated yourself as a Beneficiary. You may then withdraw up to 80% of the balance of the Trust.
4. Can the Trust accept
property and other fixed assets?
Yes, it is possible for the Trust to accept property and other fixed assets. However such a request would be considered out-of-the ordinary and may incur extra costs.
5. The Trustee and Trust jurisdiction is in Gibraltar. Tell me a little about Gibraltar.
Home to approximately 30,000 people, Gibraltar is a politically and economically stable self governing overseas British territory. It is a full member of the European Union and operates in line with European Union directives. As such it fits the criteria as a sophisticated and well developed finance centre, with established laws, constitution, customs and an approachable and flexible regulator, the Gibraltar Financial Services Commission. Gibraltar’s Trust Law is strong and well established and is based on the Trust Law of England and Wales, the cornerstone of which is the England Trustee Act 1893.
6. The Trustee and Trust jurisdiction is in Gibraltar. Will Brexit have any effect on the
operation of the Trust?
Gibraltar is a self-governing overseas British territory and a full member of the European Union. Post-Brexit, the UK government has said that Gibraltar will not lose its regulatory equivalence to the UK and is negotiating a transition and future trade arrangement with the EU which will include Gibraltar. At this stage, we do not anticipate Brexit affecting the operation of the Trust in any way.
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