Family trust

A family trust is the most common use of a trust. A family trust is an arrangement where the patriarch transfers accumulated wealth to a trustee who holds such transferred properties for the benefit of patriarch’s family members. A family trust involves:

  • Settlor – usually the patriarch who creates the trust and defines the rules as to the management and distribution of the trust assets;
  • Trust Assets – properties transferred into the legal ownership of the trustee for the benefit of family members;
  • Trustee – a person or a company entrusted with management of the trust assets for the benefit of the beneficiaries;
  • Beneficiaries - patriarch’s family members who are the “actual”, but not legal owners of the trust assets and the only persons who could benefit from the capital and income of the trust;
  • Protector (optional) – a trusted person, either in professional or personal capacity, advising trustee on family matters and supervising the trustee and the trust.

MP Part will be happy to advise the families and their individual members on the opportunities, rights and liabilities in respect of the family trust they are a part of or plan to be a part of.