Trust Advice

As an expat in Hong Kong, Trusts are one of the oldest financial planning tools but have something of a reputation for being used by the wealthy to avoid tax.

Today, they offer a good solution for holding assets, such as property, cash or investments and can help protect your assets for your beneficiaries.

WHAT IS A TRUST?

A Trust is an arrangement which can be used to hold your assets and determine what happens to them in particular situations. Trusts are useful when it comes to tax and estate planning, as they ultimately give better control over your assets. They can be a good solution if, for example, you want to use an asset to provide an income for your spouse for a period of time (perhaps until their death) with the ultimate beneficiaries being your children.

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FAQ’s

All you need to know about trusts

What is a trust?

A trust is a legal arrangement for managing assets (including money, shares, investments, land or buildings) to benefit another person or people (beneficiary).  There are different types of trusts and they are taxed differently.

How do I set up a trust?

As a trust needs to be a legally bound contract established with specific wording, it is beneficial to seek advice from a professional to ensure the trust deed has been drafted correctly and avoid any uncertainty.

What are the types of trust?

The four primary types of trust utilised in the UK are:

  • Bare trusts – suitable for passing on assets to an individual under the age of 18, or 16 in Scotland
  • Interest in possession trusts – gives a named beneficiary (or beneficiaries) the right to any trust income as it arises (less any expenses). The beneficiary who is entitled to the income is often referred to as the life tenant of the trust or as ‘having a life interest’. A beneficiary who is entitled to the trust capital is known as the ‘remainderman’
  • Discretionary trusts – this trust allows trustees to make decisions around how income from the trust, and the capital, is used
  • Will trusts – suitable for instances where you need flexibility, and are able to be established through your Will

Global reach

  • Belgium
  • Cheltenham
  • Dubai
  • Exeter
  • Hong Kong
  • London
  • Singapore
  • Worthing
  • UK

Belgium

Belgium

C/o The Nest Work, Ave de Broqueville 12
1150 Brussels, Belgium

– View on Google Maps Contact our Belgium office

Cheltenham

Cheltenham

Pure Offices, Cheltenham Office Park,
Hatherley Lane, Cheltenham,
Gloucestershire, GL51 6SH

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Dubai

Dubai

Emirates Financial Towers, Level 3,
North Tower, Office 310, PO Box 507290,
DIFC, Dubai, United Arab Emirates

– View on Google Maps Contact our Dubai office

Exeter

Exeter

The Senate, Southernhay Gardens,
Exeter, Devon, EX1 1UG

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Hong Kong

Hong Kong

Unit 1115, Tower 2,
Lippo Centre, 89 Queensway,
Admiralty, Hong Kong

– View on Google Maps Contact our Hong Kong office

London

London

10th Floor, Nova North
11 Bressenden Place
London, SW1E 5BY

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Singapore

Singapore

6 Battery Road #16-04/05,
Singapore 049909

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Worthing

Worthing

Crescent House, Crescent Road,
Worthing, West Sussex BN11 1RN
(Use BN11 1RL for Sat-Nav )

– View on Google Maps Contact our UK office

United Kingdom

Worthing (Head Office)

Crescent House, Crescent Road,
Worthing, West Sussex BN11 1RN
(Use BN11 1RL for Sat-Nav )
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