A trust protector is an independent third party with the authority to perform certain duties concerning a trust. These powers are limited to specific powers, usually to veto certain trustee decisions. The trust agreement typically details the trust protector's responsibilities and areas of authority.
In order to establish a valid trust, it is important to understand what a trust is in the first instance. A trust is established when one party (the “Settlor”) divests themselves of the legal ownership of certain property and transfers the property to another party (the “Trustee”). Equity then obliges and binds the Trustee to hold the property (the “Trust Fund”) and act for and within the best interests of the beneficiaries. The Trust Fund shall always be held separately from the Trustee’s own personal assets and estate.
The Isle of Man has gone into a ‘circuit breaker’ lockdown for 21 days from 00:01 Thursday 7th January.
Peregrine Corporate Services Limited (“Peregrine”) has announced the acquisition of the book of business of Clearwater Fiduciary Limited (“Clearwater”), an independent Isle of Man corporate services provider.
In episode #4 (series 3) of the Front Line Podcast we chat to Dan Thomas. In an extended episode we chat to Dan about studying Egypotology and how he transitioned to a local telecommunications before going down the rabbit hole of bitcoin and into blockchain.
Peregrine is delighted that Senior Manager, Rachael Storey, has received an award from STEP for gaining the highest mark in the Company Law and Practice module while studying for the STEP Diploma in International Trust Management.
In episode #3 (series 3) of the Front Line Podcast we chat to Joseph E. Ikhalia, Ph.D. and Christian Goelz about cyber security. We discuss the vulnerabilities that appear in the most basic forms of technology which will make you reassess your own cyber threats.
Sometimes it can be difficult to picture something when you have not seen or heard about it so we have decided to put some example case studies together to help you get a flavour of how we might be able to assist you and/or your business.
In this week’s episode (episode #2, series 3) of the Front Line Podcast, we speak to Melanie Goodman. We chat to Melanie about studying economics and her transition into law that eventually took her to Switzerland (and into cake making!), before starting work at a Panama law firm.