Trusts – appearing outside the Anglo-Saxon world

By setting up a trust, the founder (settlor) separates assets from himself or herself as an individual by transferring the title of those assets to the trustee. The trustee manages the assets and distributes them (after the founder’s death) according to the founder’s wishes. The trust is not only a widespread institution in the English-speaking world – many countries that do not normally follow Anglo-Saxon traditions are now signatories of the Hague Convention on the Recognition of Trusts.

When setting up a trust, particular attention must be paid to the tax treatment of trusts in individual legal systems. It must also be clear that the trust is a real trust rather than a so-called “sham trust”, which will fail to deliver the desired results.

A trust can also perform other functions, such as holding investments. There are many examples of this – companies held by trusts own ships, aircrafts, real estate and bank accounts. Succession to these assets should be arranged in an uncomplicated, flexible and efficient way.

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