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Trusts, Trustee Services & Foundations

Prudens maintains a team of experts specialising on all the aspects of the formation (settlement) of a Trust and of course the full spectrum of Trustee services. Our extensive network of associated legal experts allows Prudens to undertake the entire process of drafting of a Settlement for a Trust in a number of jurisdictions. We are in the position to set up or assist in the set up and the administration of a variety of trusts to suit the purpose in each case.

Trust Formation/Settlement

Clients may favour the option of setting up a trust because of the advantages it has compared to wills, such as:

  • Trusts can take effect immediately, and therefore can handle a number of circumstances during a person’s lifetime that wills cannot. For instance, in the case of a serious injury, a trustee may take over that person’s finances until they are able to assume responsibility again.

  • Assets that pass through trusts are generally not subject to probate proceedings; unnecessary delay, expense, and publicity can thus be avoided.

  • The provisions of a trust may last indefinitely or for a certain period of time if the settlor needs to provide for the beneficiaries over a period of time.

  • Trusts can be set up so that a beneficiary can be provided for as the beneficiary deems fit.

  • Under certain circumstances, one can use trusts to obtain favorable tax treatment.

Trustee Services

Besides the administration of the trust Prudens can be appointed as trustees if the clients so wishes, thus undertaking the duties of the trustee which include the duty to:

  • Carry out the expressed terms of the trust instrument.

  • Defend the trust.

  • Be impartial among beneficiaries.

  • Account for actions and keep beneficiaries informed.

  • Be loyal.

  • Not be in a conflict of interest position.

  • Administer in the best interest of the beneficiaries.

A trustee carries the fiduciary responsibility and liability to use the trust assets according to the provisions of the trust instrument (and often regardless of their own or the beneficiaries' wishes).

Trustees are generally held to a "prudent person" standard in regard to meeting their fiduciary responsibilities, a term very befitting for our Company in its literal meaning.

Foundations/Partnerships

Prudens offers its clients the option of setting up a foundation or partnership if it is deemed to be a more favourable option for them.

The dedicated team of Prudens engages in all aspects of formation including the drafting of all Memorandum and Articles of Association or by-laws of the new entity, the submission of all statutory forms and documents to the respective governmental authorities regarding the incorporation of a new entity, the appointments of its officers and the distribution of its respective capital/ units.

Through a network of specialised legal advisors Prudens can assist the clients with the drafting and execution of all necessary agreements or contracts such as Partnership Agreements, Management Agreements, Share Purchase Agreements, Joint Venture Agreement and many more.