Fiduciary Services

Fiduciary Services

Trust and fiduciary services conventionally involve the cascading of wealth via a transfer of property or other assets to another party. There are different types of fiduciary services, with the most common one being a Will, and the more advanced options involve a Trust.

The essence of Fiduciary Services

One of the biggest objectives set by today’s investors is to make sure that their portfolios work hard for them at all times and through all market conditions. However, keeping hold of the wealth created is just as important as creating it in the first place.

That’s why part of Platinum’s advice and services are directed to the correct holding structure of any portfolio at outset. More so, we want to ensure that our client’s assets are distributed correctly and in line with their owners’ wishes in the event of a catastrophe, or even worse, death.

What is a Trust?

The overriding principle of a Trust is to give assets that you currently own. Once you have passed your assets into a Trust, you no longer legally own them, although you can still maintain an element of influence and control over them. The trustee is the person who you appoint and direct and who has the right to manage all of the money, property, and assets that are placed inside of the trust.

Each Trust is legally owned by the Trustees who you appoint and direct. With you as Settlor and whoever you want to have the asset as the ultimate ‘beneficiary’, this structure will guarantee that the assets are passed to the right people and avoid the many potential problems that can arise as a result of insufficient planning. The Trust can also make sure that your assets are kept away from governments, lawyers, ex-partners and spouses. In summary the Trust allows a good measure of asset control and protection.

Do I need Trust?

Not everybody has the need for a Trust, but it should definitely be carefully considered, rather than dismissed because you think that Trusts are only used by wealthy aristocrats. There are a plethora of benefits associated with Trusts, that can apply directly to you:

Avoidance of Probate

One of the reasons why people put houses and other assets into a trust is that they want their family to be able to inherit assets without having to go through the long, stressful, and expensive probate court process. Instead, their home can be transferred to their heirs in a private setting shortly after their death.

Tax deferral – Capital Gains Tax, Inheritance Tax

One of the greatest benefits of Trusts is that they are exceptionally tax-efficient structures. 

Depending on the Trust and the jurisdiction it is set up in, it can shelter the assets’ growth (such as investments, or property) from income and capital gains taxes.

This is also the case when it comes to inheritance taxes (IHT) on your estate. In most cases IHT will not be payable because the Trust assets are no longer yours, the Trust deed remaining long after your passing.

Simpler asset management and distribution

When making a Will it is best to have one for each jurisdiction in which you have assets. Thus, if you have a bank account in Hong Kong, property in your home country, international bank accounts offshore and maybe even investments in more than one offshore jurisdiction, you ought to have a Will for each of these countries. If assets were held in a Trust, there would be no need for a Will to cover these.

How can Platinum Financial Services help?

Our specialist asset protection division was established to make sure that your assets are appropriately sheltered and efficiently passed to your nominated beneficiaries. After a careful review of your situation, we will be able to advise on the most proper asset protection structure for your property, savings or investments.

The cost of quality healthcare is at a premium. We have close partnerships with market-leading international healthcare insurance companies that offer sustainable products making sure that we can match the required level of cover to your budget.

We don’t charge you for our services, so premiums are the same as going directly to the insurance company. What you get is advice on the plan’s benefits and coverage limits that make sense to you and your financial situation.

Don’t leave your financial future to chance.

Contact Platinum Financial Services to help you through your financial journey.