Create A Trust With the Help of ISOG Lawyer
The trust is an artificial formula by which the owner of any kind of assets transfers them to another person, called trustee, so that this administers or manages them in favor of another person or beneficiary.
In a trust there are 3 important parties
THE TRUSTOR: This is the person that decides to place his assets into a trust.
THE TRUSTEE: This is who administers these assets.
THE BENEFICIARY: This is the person that will benefit from the goods left in the trust.
For the lawyers of ISOG LAW FIRM to create a Trust, it is necessary that you provide the following documents:
- The complete and clear designation of the trustor, the trustee and the beneficiary. In case of future beneficiaries, it is necessary to indicate enough elements for their future identification.
- Clear designation of the substitute trustees and beneficiaries, if known.
- The description of the assets or of the patrimony or quota of the same on which to create a trust.
- The expressed declaration of constituting the trusteeship.
- The obligations and powers of the trustee.
- The prohibitions and limitations that are imposed on the trustee in the management of the trust.
- Place and date of trust creation.
- The appointment of a Resident Agent in the Republic of Panama.
- Domicile of the trustee in the Republic of Panama.
- Expressed declaration that states that the trust is create according to the laws of the Republic of Panama.
