Our clients come from around the globe, looking to work closely with a team that can assist with every possible trust and estate matter.
When it comes to practical matters, rather than simply applying the letter of the law, we are able to use our experience to make innovative proposals and find effective solutions. With that experience, we are able to help clients design and implement effective estate plans, which make sure that their loved ones benefit from the wealth that they have worked hard to build over a lifetime.
To find out how Bedell Cristin can help you please contact Fraser Allister.
Making a Will and keeping it up to date is something we all know we should do, and something that often gets postponed. Read our article to find out why it’s important to keep your Will under review, the events which mean you should consider whether to change your Will and give some examples of the type of problems beneficiaries can face.
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Creating a trust or foundation company in the Cayman Islands offers several key benefits. Trusts provide a legally enforceable relationship with fiduciary obligations, ensuring assets are managed in the best interests of beneficiaries. They offer flexible planning, seamless succession, and protection from bankruptcy, insolvency, and divorce, along with privacy and potential tax minimisation.
Trusts also help in managing global assets centrally and can be used for commercial and charitable purposes. The Cayman Islands is particularly attractive due to its political and economic stability, developed regulatory framework, stringent money laundering controls, and innovative trust legislation. It boasts a high quality professional sector and internationally recognised courts for resolving trust disputes. Foundation companies, introduced in 2017, offer similar advantages in a corporate structure, appealing to those from civil law jurisdictions.
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Since 1998, the Cayman Islands have enacted trust law provisions, currently in Part III of the Trusts Act (2021 Revision), to prevent trusts from being invalidated due to the settlor retaining significant control.
These provisions establish a presumption that any trust instrument not expressed as a will, testament, or codicil has immediate effect, and allow for specific powers to be reserved or granted without invalidating the trust. These powers include revoking or amending the trust, appointing income or capital, holding limited beneficial interest, directing investments, and appointing or removing trustees, protectors, or beneficiaries, among others.
Trustees adhering to these reserved powers are statutorily protected from breach of trust claims. The provisions apply to trusts created after May 11, 1998, and can be extended to pre-existing trusts by deed.
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Introduced by the Foundation Companies Act, 2017 ("FCA"), a foundation company ("FC") is a type of company unique to the Cayman Islands, which can function like a traditional trust or civil law foundation but in the form and with the benefits and familiarity of a company.
FCs are incorporated and registered with the Registrar of Companies in the same way as a traditional Cayman exempted company, with a certificate of incorporation providing conclusive evidence of valid incorporation. The creator of the FC may, but need not be, specifically named as the founder. As a company, the FC's constitutional documents comprise a memorandum and articles of association that may be tailored to the client's particular needs. Bylaws can also be used to govern the management of the FC, although they are not mandatory and do not form part of the constitution.
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Location: Cayman Islands
Related Services: Wills & Probate | Trusts & Foundations | Private Trust Companies | Family Offices
