The thing about will or trust planning is most high-net-worth (HNW) individuals don’t know the complexities and undue pains involved until creditors come biting!
Consider these real life situations: You have a will in place locally in Malaysia, but does that account for your properties overseas in Hong Kong and Singapore? You’ve given your trustee reserved rights to manage your assets, but what if he passes on before you do? In a Trust, you’ve set your two sons A and B from your first marriage to inherit your assets, but 10 years down the line, new son C pops along from another marriage in another country and you wish to spread it fairly—but once set in Trust, changes like this go bust! You own billions worth of properties locally, but one day, the economy falls and you relocate to a neighboring unaffected city, penniless.
Fact is, Wills and Trusts have their limitations—mainly that settlors (or the one initiating them) have insufficient legal protection against cross border or life circumstances like above, and none of the following vital qualities:
- No settlor founder reserved rights
- Not a recognized legal entity
- High retaining costs (for Trust)
- Not creditor proof
- No confidentiality when shared to your beneficiaries who gets what
- No perpetuity
- No re-domicile capabilities
- Long probate (handover) process
- A third-party trustee is required
- No succession planning (ownership continuity)
- No tax planning (for Will planning)
BBS assists HNW clients to devise the right strategies and utilize far more flexible tools, including Foundation, Offshore Companies and Special Trust, among others, to minimize their exposure to risks (life changes, political and currency) and ensure their most valuable assets are protected. Consolidate your assets worldwide including properties, company shares, bank accounts and more for efficient management. Prevent costly and time-consuming probate processes and family disputes. Protect your future generations for all that you’re worth.