PROFESSIONAL TRUSTEE SERVICESTrusts can play an important role in succession and financial planning for individuals, families and companies, particularly with regard to the protection of assets and the mitigation of tax liabilities.
As one of the largest providers of financial services in Gibraltar, Abacus Financial Services Limited (“Abacus”), can advise and provide all the services necessary for the formation and administration of trusts.
WHAT IS A TRUST?
Definitions – the jargon explained…
The “settlor” is the person who makes a gift of assets of whatever kind to the trustee. There may be joint settlors.
The “beneficiaries” are the persons who may benefit from the assets held within the trust. The settlor may be one of the beneficiary.
The “trustee” is the person or company that holds the legal ownership of the assets of the trust and is responsible for the administration of the trust in accordance with the terms laid down by the trust deed and Gibraltar law.
A “trust” is normally constituted by a written document called the “Trust Deed”, “Deed of Settlement” or “declaration of trust”. The term “Trust Deed” is used for all three which binds the trustee to deal with the assets over which he has control for the benefit of the beneficiaries. The beneficiaries have the right to compel the trustee to act in accordance with the terms of the trust deed and the applicable law. In legal terms, a trust creates an equitable obligation.
SERVICES OFFERED BY ABACUS
We provide all the services required for the formation and administration of trusts, including the following:
- Initial confidential consultation with in-house experts to ascertain how Abacus can assist with a new structure or the review of an existing structure. This meeting is free of charge.
- Liaison with professional advisers in other jurisdictions in order to establish the most practical and tax-efficient arrangement for the client.
- The provision of corporate trustee services through Abacus Trustees (Gibraltar) Limited, a company wholly owned by Abacus Financial Services Limited.
- Trustee services include the day-to-day administration of the trust assets. This may involve liaising with banks, brokers, other financial intermediaries and specialist consultants.
- Accounting services. We provide regular financial statements if required under the relevant trust law or at the request of the settlor or beneficiaries.
- Procurement and coordination of tax advice when required for the trust, the trustees, the settlor and the beneficiaries, including, where relevant, the preparation, submission and agreement of tax returns and assessments.
- Formation and administration of companies which may be used either on their own or in conjunction with trusts.
Abacus will be pleased to assist as:
Executor and trustee of trusts arising under a Will
Trustee of “inter vivos” discretionary, fixed interest, asset protection and other trusts
Trustee of special Purpose trusts
Administrator and Director of Private Trust Companies
Trustee annual fees will be negotiated on a case by case basis, depending on the complexity of the case and the amount of work required. We reserve the right to charge a 1% termination or retirement fee in all circumstances.