Death of the Client and Trusts
An offshore company can own assets of all descriptions, including bank accounts, safely and confidentially. Transferring assets into a corporate structure means that the underlying assets can be removed from the estate of the client and instead the estate becomes the owner of a single asset – the shares in the company. This is advantageous because, on the client’s death, only the shares of the company need to be transferred to the heirs, rather than each underlying asset. Normally assets are transferred on death by means of a will, but this can be an expensive and lengthy procedure. Even a simple estate can take over a year to wind up and the costs could be as high as 6% of the value of the estate. Creating a trust can be used as an alternative to a will and has a host of advantages. A comprehensive explanation on the workings and advantages of trust structures is contained within the trusts section on this website