Table of Contents
What are the duties and responsibilities of trustees?
To maintain and keep books and accounts The trustee is required to keep a clear and accurate account of the trust property and at all times, provide the same to the beneficiary upon the request of the beneficiary.
What every trustee should know?
The trustee will keep accurate records about trust transactions, such as distributions made, expenses paid and purchases and sales of assets. A trustee may need to render a detailed accounting of all trust transactions, which requires accurate and complete records.
Are trustees personally liable?
If the charity is not incorporated and cannot meet its obligations, the trustees are personally liable and the members of an association may be liable as the charity does not have its own separate legal personality.
What are the legal obligations of a trustee?
The trustee acts as the legal owner of trust assets, and is responsible for handling any of the assets held in trust, tax filings for the trust, and distributing the assets according to the terms of the trust. Both roles involve duties that are legally required.
Are Cayman trusts enforceable in the Cayman Islands?
Such heirship rights are not recognized in the Cayman Islands as being enforceable against a Cayman Trust. Thus, a Settlor may avoid these restrictions by transferring assets to a Cayman Trust. On the death of the Settlor, Trust assets will remain vested in the Trustee and dealt with in accordance with the Trust Deed.
Is there an inheritance tax in the Cayman Islands?
There is also no inheritance/estate tax in the Cayman Islands which would apply upon the death of the Settlor. Save for exempted trusts, Trusts are not registrable with the Cayman Government authorities.
Why do business in the Cayman Islands?
The Cayman Islands is an offshore tax-free jurisdiction that has been an attractive place to do business for many years. Cayman is a British Overseas Territory, with an elected government and legal system rooted in the English common law.