Trusts are either revocable, or are irrevocable. The trust instrument is usually signed and sealed by both the settlor and the trustees. In many jurisdictions, a Settlor will normally provide the Trustees with an informal and confidential letter of wishes which will provide guidance as to how the Trustees might exercise their discretion. The letter of wishes does not form part of the Trust Deed and can, therefore, be amended at any time. The choice of trustees is very important as the trustees are under a strict legal obligation to carry out the precise terms of the trust.
Trustees can either be individuals or companies, or a combination of the two.
The Trust fund can consist of a variety of assets including cash, company stocks and bonds, businesses, investments, property, homes, insurance policies or interests in other trusts. All reputable Creators will provide you with a list of established trust companies which specialize in trust services in your chosen jurisdiction. A Protector is a person appointed under the Trust Deed with whom the Trustees can consult when administering the Trust and, in particular cases, from whom the Trustees must seek consent before carrying out certain transactions. The Protector can also be authorized to remove the Trustees and appoint new ones. This is a very flexible trust and gives a high level of confidentiality as usually there is no requirement to file the trust instrument with any government agency, so that privacy of the settlor, the trust s activities and the identity of the beneficiaries is fully protected.