Protector of a Family Trust

Protector of a Family Trust

‘In 2012, I was appointed Protector of a hugely complex off-shore family trust on behalf of two cousins one in the UK and one abroad,” says Sophie Chalmers. “I was completely daunted.”

“While I have no expertise or experience in off-shore trusts, I knew enough to recognise all was not right. The corporate trustees were working with a firm of stockbrokers but it became evident to me that there was a big disconnect between the planning needs of my cousins and the way both institutions administered and managed the trust and its investments. All I could see was thousands of pounds a year being taken out in fees, and for what? There were major issues with capital gains tax that had never been addressed. The investment portfolio felt wobbly, with everything invested in a relatively small number of UK shares. All in all, I felt dangerously exposed as Protector.”

“My problem is that I didn’t understand the issues: I didn’t know trust law, I couldn’t come up with sound investment strategies, or get my head around capital gains tax.”

“I’m afraid I dumped the whole problem in Piercefield Oliver’s exceptionally capable hands. They found a brilliant accountant to advise on CGT, who identified and helped me appoint new off shore trustees. They sorted all the paperwork. They spent time with me to gain an understanding of the family dynamics and what my cousins’ actual needs are. They reviewed the existing investments and created an investment strategy that will help support my cousins financially during their lifetimes. They are now managing the investment portfolio.”

“Essentially, we discussed what I wanted to achieve, and Piercefield Oliver made it happen. I can now breathe easy knowing everything is shipshape and wisely invested for the long-term benefit of my cousins.”

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