Dinesh Menon (TEP)

Changes of trustee documents (DORA or IORAs) usually contain indemnities from the incoming trustee to the outgoing trustee which are often hotly negotiated and can be complex. A change of trustee also presents a good opportunity for the incoming trustee to undertake a due diligence exercise by reviewing the trust documents, ensuring that the previous chain of trusteeship is intact and ensuring that the outgoing trustee ratifies or rectifies any flaws in the trust or the trust documents before the trusteeship is handed over. We have considerable experience in narrowing the issues in these negotiations. We are also well versed in assisting our trustee clients in mitigating risk by spotting (sometimes very significant flaws) in trusts before they are taken on and by ratifying previous discrepancies in a commercial manner – commonly without necessitating the involvement of the court.

Private trust companies (PTC) and private trustee foundations (PTF) are an ideal solution for clients wanting to divest themselves of ownership while still retaining a level of control. A PTC, or its most recent incarnation, the PTF, is a corporate vehicle which is used by a family in place of a professional trustee so that the family themselves can control the board of the trustee and thereby control the underlying assets.

At Collas Crill, we have established a wide range of charitable structures from local Guernsey limited by guarantee companies to large charitable foundations for some of the world's wealthiest families. Our specialist Middle Eastern team also has experience in advising regional families on the principle of Zakat.

Many individuals think of the traditional trust as being the best way to manage their estate planning needs and are unfamiliar with the alternatives that are available. These include foundations, private family funds, and increasingly, the family limited partnership (FLP). While initially developed offshore, the FLP was harnessed and developed offshore in the Channel Islands as a flexible investment structure and a viable alternative to the traditional trust due to its ability to transmit wealth to younger generations while allowing family heads to retain a sensible level of control. This is particularly important for clients using the FLP to transfer the family business or 'golden egg', where a loss of control is undesirable. An FLP is flexible enough to allow a very bespoke agreement to be out in place to meet the often very detailed and personalised demands of clients.

In a climate of increased transparency for structures, it is important for trustees to ensure that they have sufficient policies, procedures and processes in place in order to report the correct data to the correct authority at the correct time. This has been particularly challenging for some of our smaller independent trustee clients who do not have a dedicated compliance team.

Depending on your jurisdiction, guardianship, delegates and powers of attorney are useful tools in helping a party to deal with the financial affairs of another, whether that is paying bills, managing bank accounts or otherwise. If you need assistance dealing with your own affairs then a power of attorney may be appropriate. This will enable you to choose who can carry out any actions, and the extent to which they can take those decisions, on your behalf. If an individual can no longer handle their own affairs then a guardian or delegate will need to be appointed by the court to look after that individual's affairs. Whether you are choosing to give someone power to deal with your affairs, or you have a relative who can't deal with their own any longer, careful consideration needs to be given, and advice sought, to decide what route is most appropriate.

Planning for the future is something that people often don't like to think about but it is one of the most important things that you should do during your lifetime. Whether you need simple wills put in place or more complex estate structuring, our experienced and approachable team can help you organise and plan your affairs for the immediate and longer term future.

We work hard to guide you through any issues of concern to ensure that you reach a position where you feel reassured that you are clear as to what will happen to your assets, and those you leave behind, in the future.

As the global legal and regulatory landscape becomes ever more complex, managing wealth across generations, succession planning and transferring control of assets has never been more challenging. That's why it's important to work with lawyers who can offer solutions that are tailored to your unique circumstances.

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Alongside companies and wills, family trusts are still a very popular tool for estate planning and asset protection – perhaps even more so in the light of the envisaged changes to the UK non-domiciled regime. Family foundations are proving to be a popular new tool for families looking to ensure their wealth and assets are protected for future generations. We establish trusts and foundations for local and international families to preserve family businesses and ensure appropriate succession planning. We work closely with tax advisers in order to ensure that any new family trust or foundation fits with a family's overall tax position and will be a workable long term, cost efficient structure. Discretionary trusts are still the most popular but we can also advise on fixed trusts, will trusts and pension trusts.

Whether set up for asset protection purposes, as part of succession or tax planning, or for family governance or confidentiality reasons, offshore private wealth structures are common and often large and complicated.

We assist wealthy individuals, family offices, family-controlled businesses and entrepreneurs, often working alongside their trustees, bankers, tax advisors, accountants and other professional advisers, with the legal support needed within private wealth structures. We work with a broad range of vehicles including family investment companies, family limited partnerships, trusts and foundations.  

We can assist with all legal aspects of establishing, operating, restructuring, funding/leveraging, relocating and winding up such vehicles.  

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