It becomes important to set up a trust fund to preserve your assets at times. Sure, there are different types of trusts to consider but you may be particularly interested in establishing an offshore trust by getting in touch with a reputed Cook Islands trust company that has been in service for decades. You must be convinced that setting up a trust would ensure your interests perfectly. Some of the salient points of the trust must include the following:-
- The said company should be a legal entity with a proven track record for establishing trust on behalf of their clients and looking after it regardless of good times or bad
- The chosen trust company us be adept at administration and wealth management tasks. It should be able to transfer the assets to the beneficiary as per the norm
- The company will be a custodian for all trusts and estates. It should be able to make custodial arrangements on your behalf along with asset management and stock transfer as needed. Moreover, the company must be skilled in handling beneficial ownership registrations
You need to remember that most trusts are set up for profit and the company must be able to help you take out the assets at the end of a specified period. The remaining assets in the fund must be transferred to the beneficiaries at the end of the specified period or after the death of the asset owner.
Why Use a Cook Islands trust company?
You may be perturbed to be advised about establishing a Cook Island trust instead of setting one in the United States of America. Well, it suffices to know that this is an offshore trust that will keep your assets well protected from creditors and any US legal suits related to finances. This will be a trust that you set up in the Cook Islands under the jurisdiction of the Cook Islands and not the USA. This possibility became a reality in 1984 after the Cook Islands International Trusts Act was introduced and approved.
It is natural to argue about the efficacy of setting up an offshore trust, especially in the Cook Islands. Well, you may have to check the varied benefits to be fully convinced of its benefits that are sure to include the following:-
- Non-Recognition of US Judgement- You will be pleased to know that no creditor can claim to get your assets held in the offshore trust. Sure, the creditor may go for legal action but it should be done in the Cook Islands and not anywhere else. Most creditors do not want to spend huge amounts of time and money to pursue such an action.
- Succession Planning– This is often the main objective of the person eager to set up an offshore trust. With no foreign jurisdiction being relevant in the Cook Islands, the assets can be held for a lifetime if necessary. With forced heirship and other common inheritance laws not recognized by the Cook Islands, the assets stand to be well and truly protected as per the terms and conditions of the trust
You will find the prospect of setting up a trust beneficial with the aid of a reliable Cook Islands trust company.
