Bockefeller -
Your Trusted Guardian of Wealth
Leading in Trust Management
Our deep understanding of trust laws and regulations surpasses industry standards, and we apply this knowledge diligently in our daily operations to safeguard your legacy.
Explore What Services We are Offering
Private Trust Setup
Secure your legacy with expert trust creation, from consultation to asset transfer.
Trust Administration
Managing your trust with the highest level of diligence and transparency.
Legal And Financial Advisory
We keep you informed about changes in trust law and regulations
What is a Private Trust?
A Private Trust is a legal arrangement in which one party, known as the Grantor, transfers control of their assets to another party, known as the Trustee, for the benefit of designated individuals or entities, known as Beneficiaries. This fiduciary relationship is designed to manage and protect the assets according to the Grantor's specific instructions, ensuring that the Beneficiaries receive the intended benefits. Private Trusts serve as an effective estate planning tool, allowing the Grantor to dictate how their assets should be managed and distributed, both during their lifetime and after their death. The terms of the trust are outlined in a legal document known as the trust deed, which specifies the responsibilities of the Trustee and the rights of the Beneficiaries.
Benefits of a Private Trust:
1) Asset Protection: Assets held in a trust are protected from creditors and legal claims.
2) Estate Planning: Trusts provide a structured way to manage and distribute assets according to the Grantor’s wishes, often reducing estate taxes and avoiding probate.
3) Privacy: Unlike wills, trusts are not public documents, ensuring that the details of the trust arrangement and the assets involved remain confidential
4) Control: The Grantor can set specific conditions for how and when the trust assets are to be distributed to the Beneficiaries
Types of Private Trusts:
- Living (Revocable) Trust: This type of trust can be altered or revoked by the Grantor during their lifetime. It provides flexibility and allows the Grantor to retain control over the trust assets
- Irrevocable Trust: Once established, this type of trust cannot be easily modified or revoked. It provides greater asset protection and potential tax benefits, as the assets are effectively removed from the Grantor’s estate.
