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The discretionary trust is still the prime offshore vehicle used to hold family assets.
Uses of Jersey Trusts: To function as a succession planning vehicle
The discretionary trust is still the prime offshore vehicle used to hold family assets. By using a Jersey discretionary trust, families and individuals can ensure that :
- Personal wealth is held in a safe and discreet environment.
- Wealth is preserved and enhanced by appropriate investment strategies, overseen by Jersey-based trustees, in a tax-free environment.
- Businesses are run in an efficient and secure manner.
- Trust assets are protected from claims by future creditors, or from local rules in the settlor's domicile which limit the freedom of devolution of assets from testators to their preferred beneficiaries.
- Family members can play an active role in relation to the management of family trusts, through the use of "Protector" functions dedicated in the trust instrumentation (although great care must be taken that the Protector does not usurp the functions of the trustee, as this could invalidate the trust).