Offshore Trusts: Choosing a Trustee

6:33 pm Uncategorized

When you decide to open an offshore trust, there are a few simple considerations that will help you steer clear of problems later down the road.

Choosing a trustee: When you are considering who should be the trustee of your offshore trust, there are a few options.

1. You can choose a friend or family member: If the person you choose is a friend or family, the reasons may be because the individual you entrust has a vested interest in the assets held within the trust. This can be a safer way to go because they want to ensure the safety of the assets due to business dealings or because they want to protect you. In either case, have your California offshore trust attorney help you decide — appearance can be deceiving, and while you trust this person now, money can change relationships.

2. You can choose an offshore bank as your trustee: This is often a good way to go depending on the trust, especially in Cook Islands Trust where banks are extreme defensive players when it comes to the rights of the grantor of the trust.

3. You can choose a professional trustee who lives where the trust is held: This person will charge you a fee, but the beauty here is that they are an objective party who has no interest in what family members, a divorcing spouse, or a U.S. attorney may want to do with or to your trust.

Contact us today and let our Newport Beach law firm help you with all your financial planning needs.

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