Introduction to Trust Administration
There are many types of trusts available. Among offshore centres discretionary trusts, accumulation and maintenance, life interest and purpose trusts are the norm although many types of other trust are also available. Chesterfield has a diverse and experienced team of skilled administrators with extensive knowledge of each of these.
Trust Officers and duties
We have the ability to run all types of trust and our trustee service is second to none. Often a settlor will convey how he, or she, would like the administration of the trust to be run. The format of a letter of wishes in this respect maybe of some significant importance. A trustee's main duties consist of management and investment of the trust fund, accumulation and distribution of income and generally running the trust bearing in mind the interests of the trust beneficiaries. There is an obligation for the trustee to follow the requirements of the trust deed, use reasonable care and diligence when performing their duties as trustee (as if the trust was their own), invest funds in a prudent manner and avoid conflicts of interest with the trust beneficiaries. In a discretionary trust however Trustees are not required to explain their decisions. Often a trustee will hire a professional consultant to give expert advice in the management of certain aspects of the trust, examples of these include investment advisors, property agents and managers, legal advisors and tax advisors. All of these assist in running the trust in the most proficient manner possible.
Trust accounting is a specialised field. It is often a requirement of the trustees and their accountants to divide the trust fund between income and capital depending on the specifics contained within the trust deed. Chesterfield supply various accountancy services tailored to the needs of our clients and regulatory requirements. Our accounting department can provide many services including bookkeeping and production of year end accounts.
Chesterfield provides many dedicated auxilliary services required by clients for the effective management of their offshore trust. This includes general consultancy work, property management, trade related consulting, merger and acquisitions, financial market assessments and a catalogue of detailed and industry specific expert services as needed by our clients offshore trusts.