There are various types of Trusts:Inter-vivos (among the living)
these protect wealth benefits for the Settlors themselves or for other beneficiaries through the Settlor's lifetime and can be revocable.
Testamentary (established by Will in Probate)
this is irrevocable - i.e. Settlor is not available to change the document, and it is subject to probate with all its attendant drawbacks.
Special Purpose Trust
i.e. Insurance Trust, Blind Trust or Charitable Trust.
A trust to be truly effective needs to be specifically written to meet the Settlor's requirements and should be the subject of independent legal and accounting advice.
Type of assets.
- Distribution of income and assets.
- Beneficiary, both primary and contingent.
- Protectors - i.e. to ensure that the Trustees carry out exactly the terms of the Trust Document.
IMT is able to form trusts in several jurisdictions.
Selection of the jurisdiction may depend on the needs of the client.