Choosing a Trustee for Offshore Trusts

7:34 pm Offshore Trusts

trust1 e1319135794367 Choosing a Trustee for Offshore TrustsWhen you open an offshore trust and are deciding on who should be the trustee, you have several options from which to choose:

Friend or family member: It is natural to think of the people you trust the most first, and these people are usually friends or family members.  If you choose a friend or family member, that person usually also has a vested interest in the assets held within the trust. This can be a safe approach, since their interests mirror yours.  Before you decide on someone close to you, have your California offshore trust attorney help you with the decision — money usually changes relationships, and you should be fully prepared for all the consequences of your trustee decision.

Offshore bank: Depending on the trust, this can be a good choice – some offshore trust countries are better than others when it comes to defending the rights of the grantor of the trust.

Resident professional offshore trustee:  While this will cost your trust an administrative fee, engaging a professional offshore trustee who lives in the country where the trust is located provides you with objective loyalty.  Sometimes having a trustee who has no interest in what family members, a soon-to-be-ex spouse, or a creditor’s attorney may want to do with your trust is a wise choice.

Contact us today for individualized planning strategies to meet your unique needs.

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