Protectorships

The concept of Protectorships developed in offshore jurisdictions. When settlors were concerned about using a trust company as sole trustee of offshore trusts they would appoint a protector to oversee trustees in their administration of the trust.

Today, the world is more complex and the office of protector carries real fiduciary responsibility and therefore risk. Appointing a relative or friend may simply no longer be appropriate.

At Newhaven we sometimes appoint and employ independent, qualified people as protectors, but more usually we create a corporate body (eg Newhaven International Protectors Ltd) that can use its professional skills to safeguard clients’ interests. Our protector service can assist:

  • Beneficiaries; by understanding their circumstances and requirements, challenging trustees and other advisors and by ensuring appropriate and understandable reporting.
     
  • Trustees; by providing better and more comprehensive information to support their decisions and plan the management of assets.
  • Legal, tax and other professional advisors; by involving them at all appropriate times.

 

 

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