Settling your affairs
What is a Trust
People have been using trusts to preserve and manage their wealth for the benefit of their heirs for centuries. A trust is a legal arrangement where someone holds property/assets, ‘the trustees’, on behalf of someone else, ‘the beneficiaries, subject to the terms of the trust determined by the creator of the trust ‘the settlor.’
Do I need a Trust?
A trust can be helpful in several scenarios. For example, for individuals who are changing, or planning to change, their domicile, residence, or citizenship; those with family’s resident abroad; those seeking asset protection; and those whose principal motivation is to transfer their wealth freely and without the worry and concerns of lengthy and expensive probate procedures.
Although everyone should have a Will, not everyone needs a Trust. Talking with one of our advisors will give you a better understanding of what makes the most sense for you and your family. At Argentum Wealth, we work with trusted partners specialized in advising on and establishing trusts in different jurisdictions.
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Frequently Asked Questions
Do I need a will or a trust?
In many ways a trust acts in the same way as a will, however it is very difficult to successfully contest the wishes expressed in a trust when the creator of the trust passes away. Depending on your circumstances and accounts there are simple trusts which can be set up for you whatever the value of your holdings.
When should I start thinking about estate planning?
People need to start thinking about estate planning when they have dependents that rely on them financially. The more assets and wealth you accumulate, the more important this becomes. If you are a high net worth individual with dependents, this should be an integral part of your overall financial planning strategy.
Can I consolidate my international assets through a company?
Yes you can, although this only makes sense for clients whose assets are valued in excess of a million dollars. These are structures that would be ideal for high net worth individuals. We can advise and design structures for you depending on your personal circumstances.
What can I do about Inheritance Tax (IHT)?
This really depends on where you live, where your assets are based, your nationality and the overall value of your personal holdings. In most countries such as the US, UK and Japan there is a tax free IHT allowance of up to five hundred thousand dollars. As we advise on IHT planning case by case the best thing would be to contact us directly for more info.
Can you help with Inheritance Tax Planning in Japan?
Yes, however you would need to speak with one of our estate planning specialists for more details on this.