The advice of an experienced professional in the country of residence/citizenship of the settlor should always be sought before settling a trust. The professional adviser should carefully consider, as a minimum, the following questions and discuss the effects with the client:

Why is the trust being established? Will it fully meet the objectives and expectations of the client? Does the client fully understand all the implications?

How is the trust to be settled?

Who are to be the beneficiaries? Should they be informed?

How and when are the beneficiaries to benefit?

What effects will the settlement of property have on the client's financial position? If property is still to be controlled or enjoyed by the settlor, what mechanisms and safeguards need to be employed?

Is a protector to be appointed? If so who should this person be? Does he or she understand the responsibilities? Will he or she agree to be appointed?

What items should appear in the Memorandum of Wishes?

What are the domestic tax implications of setting up the trust?

In which jurisdiction should the trust be set up? Should there be one or more alternative jurisdictions? Should an opinion be obtained from legal counsel in the jurisdiction on the validity of the trust?

Who is to act as a trustee? What is their background and standing?

What are the initial and annual costs of administering the trust? If the trust is being used for asset protection purposes, does the settlement of property into the trust raise any questions as to legality?

It is worth spending time and money at the outset in getting sound local advice. Zetland has contacts with knowledgeable professional intermediaries in many countries around the world and will be happy to make introductions in case existing professional advisers are not sufficiently familiar with offshore trusts. Zetland is equally happy to work with a client's own advisers. Potential settlors should be aware that many offshore trust schemes are being marketed currently (particularly in USA) often with exaggerated claims made regarding their efficacy.

Zetland works closely with professional intermediaries such as lawyers and accountants around the world and is always pleased to form new relationships and to provide references, if requested.