October 29, 2001 By: Sharon Preston Website: http://www.need-to-know-finances.com A common law trust, the offshore advantage The idea of common law comes from the time of the crusades. In England, when the knights left to go fight in wars they needed someone to look after their property while they were gone. They signed the title of their property over to a ‘trusted' friend. When the knights returned from war they naturally expected to have their estates handed back to them. However some of these so called trusted friends were not so trustworthy. As time went on, a new form of property ownership replaced that injustice and it is known as a common law trust. Let's look at a practical example, to get the offshore protection using a common law trust. You create or ‘settle' a trust so you are the settler. You hire a trustee in an offshore tax haven and you sign over the property to that person ‘in trust'. The third party is the beneficiary who enjoys the property. The trustee then follows the specific instructions laid out. The key point is that the trustee has an unwavering duty to protect the property for the sake of the beneficiary. If the trustee should lose the property of the common law trust, the trustee becomes liable to compensate the beneficiary. Here's the practical point, by placing the legal title of the property of the common law trust in the name of the trustee, you disown yourself from the asset, while at the same time still being able to influence it. A pretty handy tool, I would say in any financial portfolio! Click here for more information on Common Law Trust or to choose from a variety of related products and services. About The Author: Sharon Preston is a successful author and publisher of http://www.need-to-know-finances.com.  A one stop resource featuring information, reviews and articles related to the offshore arena.

 

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