Selection and Supervision of Trustees
Bender Brothers & Co. specialises in the selection and supervision of trustees, particularly with respect to offshore arrangements. It has longstanding experience with the Channel Islands, Caribbean and Liechtenstein in particular. The Firm has developed in-house expertise and a network of senior legal professionals with the needs of a multi-generational family living in various jurisdictions in mind.
As a settlor is usually required to relinquish control over assets to maintain the ‘arms-length’ quality of a trust, there is a clear need for safeguards other than potentially expensive litigation. A Protector’s role is to oversee the good governance of a fiduciary arrangement on behalf of the beneficiaries. Much like a constitutional monarch, he would have the power to replace trustees under extreme circumstances, such as in cases of failing to act in good faith or to provide a service to a reasonable professional standard. Such oversight removes the need for expensive litigation and provides considerable reassurance for a settlor disposing legal ownership of personal assets.