Depending on your needs and circumstances, there are a number of benefits to be gained from establishing an international trust or other fiduciary structure, including:
- Avoiding probate
- Planning for and mitigating taxes
- Controlling how your wealth is distributed
- Planning for evolving situations
- Protecting your assets
- Addressing forced heirship
- Freeing yourself from managing your estate
Avoiding probate
Probate, the legal process of settling your estate after your death, can be lengthy, expensive and intrusive, which can be particularly unwelcome at a time when your loved ones are grieving.
By establishing a trust, you can legitimately plan for your family to avoid probate after your death and, in accordance with your wishes, trust assets can pass to your chosen beneficiaries in a timely and confidential manner.
Planning for and mitigating taxes
When you or members of your family move to a new country, or you invest in a country where you do not reside, your tax status or that of your family members may be impacted.
A trust, as well as other fiduciary solutions, can help you mitigate any impact on your ongoing tax liabilities and, where possible, take advantage of any favourable tax laws in the destination country.
Controlling how your wealth is distributed
You may have reservations about allowing your wealth and/or certain assets to pass to your chosen beneficiaries immediately after your death. Perhaps you are concerned about the possibility of spendthrift behaviour or the family business breaking up.
A trustee will make decisions regarding the distribution of your wealth and assets in the best interests of your chosen beneficiaries while respecting the wishes you convey to the trustee during your lifetime.
Planning for evolving situations
Nobody can predict what will happen in the future and the break-up of family relationships can cause considerable difficulties. RBC's fiduciary specialists will work with you to develop and implement a plan that can provide for evolving family circumstances during your lifetime and after your death.
Protecting your assets
If you have business and family interests in numerous countries, you may wish to safeguard your assets and investments from political, economic or social instability. Because a trust is a private agreement between you (as the settlor) and the trustee, any information relating to the nature, value and location of the assets held in trust will remain confidential.
Addressing forced heirship
You may believe that you have the absolute right to decide who should benefit from your wealth after your death. In some jurisdictions, however, particularly those countries governed under civil law, this decision may be taken out of your hands and the law might dictate that a particular proportion of your estate must be left to certain dependents. Any assets held in trust will not be subject to forced heirship rules as their legal ownership rests with the trustee and not with you.
Freeing yourself from managing your estate
When you retire, you may wish to free yourself from the time and concerns that go with managing your estate. RBC Wealth Management, which is dedicated to preserving and enhancing the value of your trust assets, can give you peace of mind in this respect.
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