Trusts

The use of a trust can be a very important part of wealth management. We work with experienced lawyers and trustees and will be pleaed to assist you in setting up a trust. The documents on these pages help to unravel the mysteries of trusts.

Residence and Domicile

Many clients become confused about the difference between domicle and residence. A client's tax burden will depend on his residence, ordinary residence and domicile. Each of these may be determined differently by various jurisdictions. But a simple guide would be that residence is where a client is living, ordinary residence is the same but extended over several tax years, and domicile is "the country where you have your permanent home", according to the UK Inland Revenue's website. These pages help make this clear.

Importance of having a will or trust for Isle of Man life linked investments

If you hold an investment plan or portfolio bond with an Isle of Man insurance company, you cannot nominate a beneficiary and so it is important to consider what happens after you die. The best course of action is to make a will.   These pages explain the importance, especially in the Isle of Man

Whilst every effort has been made to ensure that the details contained herein are correct and up-to-date, it does not constitute legal or other professional advice. We do not accept any responsibility, legal or otherwise, for any error or omission. Professional tax advice should always be taken before setting up a trust.