The concept of a trust was first used in Anglo Saxon times and is an arrangement whereby property is transferred from one person (The Settlor) to another person orcorporate body (The Trustee) to hold the property for the benefit of a specified list or class of persons (The Beneficiaries). Although a trust can be created solely by verbal agreement it is normal for A written document to be prepared which evidences the creation of the trust (The Trust Deed). The Trust Deeds sets out the terms and conditions upon which the trust assets are held by the Trustees and outlines the rights of the Beneficiaries. In essence, a trust is not dissimilar to a will except that assets are transferred to trustees during lifetime rather than those assets being transferred to executors on death. The trust deed is analogous to the deed of will. The practical advantages of a trust are derived from the fact that a distinction is drawn between the formal or "legal" owner of property and the person who in reality has the use or benefit of the property- the "beneficial" owner. Trusts are a powerful tax planning tool but they also have many other uses which are of equal, if not greater, importance. It may be particularly important for those who have set up confidential offshore accounts or companies to consider using a trust to transfer those assets after death. A trust can be used to hold a bank account or the shares of an offshore company and a properly drafted and managed trust can confer advantages under any or all of the following headings:   • AssetProtection • Confidentiality • PreservingFamilyAssets • ContinuingFamilyBusiness • Tax Planning   For more information on setting up an offshore company, or the establishment of a trust, please send us your request by e-mail or write to us and we shall respond as soon as possible.   For more details, please send us an e-mail or contact us.