What makes the private client team at Ocorian stand out?
In an increasingly uncertain world, wealthy families and individuals need a trusted partner to guide them through the complex challenges that uniquely impact them and their affairs. With offices worldwide, our highly regarded private client teams provide customised and scalable solutions to protect, preserve and grow your family wealth – exactly how and where you need us to.
Ocorian’s private client team in Jersey have been managing the complexities of family’s wealth for decades. Jersey has long since been established as an ideal hub for the management of structures such as trusts, and our team have been at the heart of the Jersey finance industry for decades and decades to come.
Why is planning important for asset protection?
Passing on significant wealth, or protecting it for future generations, is a critical part of any family’s financial strategy. Naturally, you want to protect the wealth you have created but succession planning can be complex and time consuming.
Ocorian have a hugely experienced and specialist team at your disposal. Protecting your assets ensures your family members, and any other beneficiaries, extract the most value from your estate whilst creating financial security. Assets come in many forms, whether that is a share portfolio, art, jewellery – whatever you hold dear.
What is the process for setting up an asset protection trust and what are the advantages of this type of structure?
Our specialist team will guide you through the process of setting up the right structure for you. We will act as a trustee by managing and administering your trust in accordance with your wishes and in a way that meets all the requirements. Every decision we make will be in the best interests of the trust’s beneficiaries. A huge part of our role is relationship building. We will get to know your ambitions in detail, so we can help you meet them and become a trusted guide on your financial journey.
There are several financial benefits to these structures include tax efficiency, peace of mind for future generations, and protection from every-changing regulations.
What is your advice to a potential new client who is concerned about relinquishing control?
Ocorian’s private client team have been managing, administering, and acting as trustee for wealthy families for decades. Trusts are set up to protect and empower your wealth, and as trustee, we will always act in your best interests but remain in the driving seat.
The team have vast experience in multi-generational wealth transfers and trust structures, so we have dealt with an extensive range of family dynamics and are proud to have built strong relationships with those families. Those strong relationships are the cornerstone of our service, so you can be assured you are in safe hands.
Why is Jersey a good jurisdiction to set up a trust structure?
Jersey is one of the world’s major international financial centres, offering a robust and stable environment tailor-made for the establishment of structures such as trusts. Jersey’s economic stability, consistent economic growth and stable infrastructure have placed it at the forefront of international finance for over half a century. The island has a robust, modern, and sophisticated legal framework, and this is the source and foundation of its finance industry.
Ocorian’s team in Jersey consists of trust, company and foundation specialists, administrators, lawyers and accountants, whose skills and experience add value during the full life cycle of the structure and who can help you to develop and implement solutions that comply with all legal and regulatory requirements.
What due diligence should a potential new client undertake when selecting a trustee?
If a professional trustee is the preferred route, checks should be made including:
- Are they regulated by a body / have they committed to any professional codes?
- Do they have professional indemnity cover?
- How long has the company been around?
- Does it have a good reputation?
- Practical considerations such as location, continuity of the team, and necessary skills and capabilities.
Why is governance important for family wealth planning?
To address issues such as the management, preservation, and transmission of wealth for the benefit of the family, clear governance structures designed to establish transparent rules and guidelines as well as legal structures are used as a strategy by many families to transmit their wealth and business to their family. Such governance framework allows the principal of a family to ensure that the family wealth remains protected across generations, to set-up the rules for decisions to ensure for a smooth operation of the family business (and wealth) and to protect the interests of the family members.